Eda secures £57m refinance from Cynergy Bank for Salford Quays build-to-rent scheme
Cole Waterhouse (CW) and Taurus Investment Holdings LLC (Taurus) are pleased to announce the successful refinancing of its award-winning build-to-rent asset in Salford Quays, Manchester. The £57m facility provided by Cynergy Bank, a UK-based challenger bank focused on providing tailored solutions, will support the continued growth and operational excellence of this landmark development.
The EDA project, a high-quality build-to-rent (BTR) residential development in Greater Manchester, was delivered through a joint venture between Cole Waterhouse and Taurus Investment Holdings. Located in the heart of Salford Quays, one of Greater Manchester’s most dynamic regeneration zones, the 290-unit development was completed in 2023 is currently 95% occupied. Since completion, EDA has been recognised with multiple industry awards, including winning Best BTR Development of the Year at the Insider Residential Property Awards, underscoring its design, sustainability, and community impact.
Bill Garey, chief investment officer, Taurus Investment Holdings, LLC: “We are pleased to extend our successful partnership with Cole Waterhouse. The refinancing of this development with Cynergy Bank underscores the project’s strong performance and its significant achievements.”
George Smith, director, Cole Waterhouse:“Securing this refinancing is a significant milestone for the development. It reflects the project’s strong performance and the confidence that our partners have in it’s long-term success.”
Dan Whiteman, relationship director, Cynergy Bank: “Cynergy Bank is proud to support this £57m refinancing for a 290-unit BTR scheme in Salford Quays. This deal aligns with our commitment to backing high-quality property ventures and contributing to the growth of the UK’s housing sector.”
Following the success of EDA, CW and Taurus has expanded their partnership to Digbeth in Birmingham where they are under development with a new 211-unit BTR-project and have secured a pipeline for an additional 800 units. The partnership will continue to focus strategically on creating sustainable communities that offer exceptional living experiences.