Frontier Development Capital (FDC) is delighted to have won the Development Funder of the Year award at the 2023 Midlands Props Awards on Thursday 27th April for supporting one of Rainier Developments and Strategic Land schemes in the Jewellery Quarter.
FDC provided Rainier with a £6.95m loan from the West Midlands Combined Authorities (WMCA) Residential Investment Fund (RIF). The funding enabled the construction of 37 one- and two-bedroom apartments as well as 6,800 sqft of new build commercial space to facilitate the relocation of a long-established jeweller Charles Green & Son, founded in 1824 as well as other commercial space.
From this development, a minimum of 20 per cent of the homes will be classed as affordable under the WMCA's regional definition of affordability, which is linked to real-world local wages rather than property prices.
The Props Awards was hosted by Variety, The Children’s Charity whose vision is to make sure that every child lives their best life and reaches their full potential. Variety fund and deliver life-changing programmes that give children and young people across the UK a better future.
Nick Oakley, Head of Property Finance at FDC said, “We are delighted to have won the Development Funder of the Year award for our Rainier Developments scheme located in the heart of Birmingham. The scheme is a great example of how the WMCA funds can support residential property developers in the West Midlands and provide much-needed housing to the region. Over the last five years the FDC Property Finance team have arranged funding of £245m supporting 47 new speculative commercial and residential projects, it’s great to receive this recognition of the team’s work.”
