Precede Capital and Nomura announce €257m whole-loan financing of Downing Living’s multifamily development in Manchester
Precede Capital Partners, the real estate development lending platform, in partnership with global financial services group Nomura has provided a £227 million (€257 million/$279 million) four-year whole-loan facility to Downing Living, the residential-focused division of leading property developer and operator Downing. The facility will be used to finance the construction of First Street, a multifamily development in central Manchester.
The deal is the first originated and arranged by Precede Capital since it announced its partnership with QuadReal Property Group and concurrent rebrand from Précis Capital Partners in January 2023. The partnership saw QuadReal acquire a shareholding in the firm and commit up to £1 billion (€1.1 billion/$1.2 billion) to deploy into its development loans.
Consisting of 1,790 units across three buildings, the First Street development will be targeted at new graduates and young professionals, with units ranging from studio apartments