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A joint venture between Gulf-backed investment manager Apache Capital and residential developer Moda Living has closed an £85 million financing agreement with pbb Deutsche Pfandbriefbank to fund its Angel Gardens private rented sector residential scheme in Manchester.
Pbb Deutsche Pfandbriefbank is understood to be in the final stages of agreeing to provide around £80 million of development finance for the Angel Gardens residential tower in Manchester, Real Estate Capital has learned.
Apache Capital Partners and Moda Living are taking on circa £80 million of debt to finance development of their first UK PRS scheme.
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