en.Wedoany.com Reported - Apache Capital and Nuveen Real Estate have secured a £125 million refinancing from United Overseas Bank for the Present Made project in the Eddington area of Cambridge. The project is a single-family housing development comprising 373 homes. This two-year loan replaces a previous development loan provided by BGO.
Located approximately two miles from Cambridge city centre, the project is adjacent to the University of Cambridge's West Cambridge research campus. Delivered in phases, the project was fully completed in the fourth quarter of 2025.
Apache Capital operates the project through its internal platform Present Made, with Nuveen Real Estate serving as investment advisor. The two companies formed a joint venture in 2023 to fund the development as part of Nuveen's broader investment strategy. The project is part of the University of Cambridge's 150-hectare North West Cambridge masterplan, which includes schools, retail spaces, and community facilities. Through engineering and technical systems, the project aims to achieve net-zero operational carbon emissions.
Project amenities include an activity centre, rooftop terrace, gym, workspaces, cinema room, and children's playground. The project won the "Best Single-Family Housing Development Award" at the 2025 Love to Rent Awards and has been shortlisted for the "Development of the Year" nomination at the 2026 Property Week RESI Awards.
The timing of this refinancing comes as changes to tax thresholds are expected to affect most landlords by 2028, reshaping the UK rental market landscape. Single-family build-to-rent projects are a growing segment within the institutional investment market, distinct from traditional buy-to-let properties.
John Dunkerley, Founder and CEO of Apache Capital, stated that the Present Made, Eddington project demonstrates how urban expansion projects can integrate different types of rental and for-sale housing. With Cambridge's growing appeal and the strong development of major technology companies in the region, they continue to see robust demand from families and highly skilled workers. Jasper Gilbey, Head of European Housing and Alternative Assets at Nuveen Real Estate, noted that strong loan demand reflects the project's high quality and its strategic location in Cambridge, one of the UK's highest-growth markets. Lim Lay Wah, Head of Global Financial Institutions Group, Overseas Branches, and ESG Strategy at United Overseas Bank, pointed out that this transaction demonstrates the role sustainable finance can play in supporting residential development.
The early successful completion of the refinancing indicates lender confidence in the project's performance within the Cambridge housing market. The transaction structure transitioning from a development loan to term financing represents the typical progression for institutional build-to-rent assets after operational stabilisation. Driven by demand from university staff, research sector employees, and technology workers, the Cambridge market continues to attract institutional investment. Nuveen Real Estate, which manages a substantial global real estate portfolio, views this project as part of its European residential investment strategy focused on purpose-built rental housing.
