Build-to-rent (BTR) developer Moda Living and investor Apache Capital Partners said they secured a £96 million loan from LaSalle Investment Management to kick-start construction on a 515-home rental scheme in Leeds called New York Square.

Johnny Caddick, managing director at Moda Living and director at Caddick Group, said: “Given the current political climate it is important that people share in the confidence we have in the UK BTR market.

“The regions provide a great opportunity for growth and we are continuing to expand our platform.

“LaSalle have been a fantastic partner to work with on multiple Moda projects and we are excited about future opportunities and our long-term working relationship with them.”

Daniel Pottorff, managing director of debt investments and special situations at LaSalle: “This is our fourth debt financing deal with Apache Capital Partners, having lent across their multifamily, purpose-built student accommodation and later living platforms.

“New York Square will set new benchmarks in the Leeds market and we are pleased to support its development.”