Canadian real estate investment and asset management firm Starlight Investments has secured a £45 million loan from Maslow Capital for the development of Patagonia Place at Princes Dock.

The 31-storey build-to-rent (BTR) scheme will include 278 apartments, ranging from studios to three-bedroom units, with commercial and leisure use planned for the ground floor.

A Starlight-led institutional partnership is set to acquire the project as part of a forward purchase agreement along with two other schemes in Manchester and Ashford, Kent.

Starlight Investments owns and manages a portfolio of CAD $28 billion across North America, with more than 66,000 residential units and over 9m sq. ft of commercial property.

Daniel Drimmer, founder and CEO of Starlight Investments, says: “Our venture into the UK’s dynamic build-to-rent market, commencing with this landmark project at Princes Dock, Liverpool, signifies a strategic expansion backed by our robust North American portfolio.

“Securing support from a trusted partner like Maslow is a testament to the alignment between our shared goals. The £45m financing not only accelerates our initial expansion into the UK housing market but also strengthens our commitment to addressing the pressing housing needs in the region.

“This collaboration with Maslow is central to our long-term vision in the region and represents an important step in the delivery of our UK BTR strategy. We look forward to the positive impact this relationship will have on the UK’s residential housing market in the coming years.”

James Henry, director at Maslow Capital, adds: “Our partnership with Starlight Investments stems from a shared ambition to alleviate the UK’s structural undersupply of housing and Maslow’s continued commitment to funding high-quality living sector assets.

“We are delighted to support another top-tier institutional partner on an exceptional project that will help address Liverpool’s housing needs. Furthermore, this project marks one of the first steps of Starlight Investments’ ambitious plan to harness its vast scale and North American expertise to significantly contribute to the UK’s housing supply.”

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