OakNorth has completed a £40.2m development loan to Select Property for 356 apartments in Manchester.
Select will use the finance on two towers: 147 flats at the 18-storey Exchange Point and 209 flats at the adjacent 16-storey Laurence Place.
Both sit under its Origin Homes brand, which targets investor occupiers, and 81% of units already been pre-sold to individual buyers.
The site in the Greengate area in central Manchester also includes two City Suite towers, Select’s serviced apartment arm.
Its other brands include Vita Student, and build-to-rent brand Affinity Living, which has 500 apartments in Manchester over two developments.
Mark Stott, chief executive of Select, said: “Property now sells three times as quickly here than in London which means the city is constantly in need of new homes.”
The deal is OakNorth’s largest to date and since its launch in 2015 the bank has grown its loan book to £1.7bn and secured £364m in funding from funders including GIC, Toscafund, Coltrane, The Clermont Group, and Indiabulls.
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