Atelier strikes deal for County Durham BTR

The development finance lender will provide a £7.14m facility to Placefirst to help deliver an 89-home build-to-rent project in Esh Winning.

Atelier’s 17-month loan will support the ground-up development of the homes, part-funding construction costs. At its outset, the project was estimated at £13m.

The arrangement marks Atelier’s first project with Placefirst, the build-to-rent specialist active throughout the UK.

Earlier this month, Placefirst reached agreement with Sunderland City Council to deliver 165 homes at Farringdon Row as part of the Riverside Sunderland masterplan.

Anthony Dobinson, senior credit manager at Atelier, said: “We are delighted to be working with Placefirst, an award-winning developer, owner and operator of high-quality, energy-efficient homes.

“The Esh Winning scheme will provide 89 new homes, specifically designed and built to satisfy the demand for single family housing in the area.  We look forward to working alongside Placefirst in delivering this scheme and assisting with future projects.”

Pod and Southern Green are part of Placefirst’s professional team on the brownfield project, where ground was broken in autumn 2022.

Lukman Sabir, finance director at Placefirst, said: “To deliver on our commitment to increase the number of high quality and secure housing options in the UK, working with a financial partner that truly understands the residential sector is essential.

“The loan provided by Atelier, along with their extensive experience in this space, partnered with its knowledge of our needs and ambitions, will provide the right kind of financial partnership that will see us continue to progress this development, bringing much-needed new housing to the residents of Durham.”