Multimillion-pound funding deal for development revealed

The funding deal worth more than £10m which is helping create 66 new homes in Walsall has been revealed.Gatehouse UK Private Rented Fund I, which is advised by Gatehouse Bank and in which the bank is a co-investor, agreed to £10.2m package for the build to rent scheme.The investment is funding the construction of the scheme at Raleigh Street, which will consist of 23 two-bed, 39 three-bed and 4 four-bed houses, which is being built by Vistry Partnerships.Colliers International acted as property advisors and Dentons as legal advisors on the transaction.This scheme will form part of the second build to rent fund advised by Gatehouse Bank which, since its establishment in December 2015, has spent c.£90m on the construction of 684 single family houses across the UK.Following the completion of Raleigh Street, the fund will comprise of a 750 unit single family housing PRS portfolio. The portfolio is being managed through a build to rent platform, Ascend Properties.Work on the Raleigh Street site in the Birchills area of Walsall began in September last year and is expected to be concluded by the summer of 2022.The land was previously occupied by the Harvestime Bakery, which at its peak was one of the biggest employers in the area but has stood vacant for years after the business stopped operating in 2012.