UK: Commercial Estates Group (CEG) has announced it secured a £29 million loan from Leumi UK for a site on Smallbrook Queensway, Birmingham.
The loan will refinance and progress the initial phases of the BTR scheme.
The site, on Smallbrook Queensway in central Birmingham, will include three BTR towers providing 1,635 apartments.
CEG said it is targeting a BREEAM excellent rating for the all-electric development, which will incorporate solar panels, insulated materials and energy-efficient ventilation.
Gordon Grech, director of finance at CEG said: “We appreciate Leumi UK’s continued support throughout our second transaction together, as well as their ability to move swiftly on what was a complex deal. The team’s clear understanding of the sector and ability to navigate multiple moving parts ensured a smooth process. This is a transformational project for Birmingham, and we are excited to take it to the next stage as we move towards delivery.”
Chris Stallard, relationship director at Leumi UK said: “We’re thrilled to work with CEG again, a highly respected organisation with a long history of delivering high performing schemes across a broad range of sectors. This development is ideally located in central Birmingham and will play an important role in providing meaningful supplies of new homes that the city urgently needs. This transaction epitomises Leumi UK’s relationship-driven approach and commitment to delivering efficient, flexible finance solutions. We look forward to supporting future projects with CEG.”
