Apache Capital and Nuveen Real Estate have secured £125 million in refinancing from United Overseas Bank for Present Made, Eddington, a 373-home single-family rental development in Cambridge. The two-year facility replaces the previous development loan provided by BGO.
The scheme, located approximately two miles from Cambridge city centre adjacent to the University of Cambridge’s West Cambridge research campus, reached full practical completion in the final quarter of 2025 following a phased delivery programme.
Development structure and financing
Apache Capital operates the development through its in-house platform, Present Made, while Nuveen Real Estate serves as investment advisor. The two firms formed a joint venture in 2023 to fund the development as part of Nuveen’s broader investment strategy.
The development forms part of the University of Cambridge’s 150-hectare North West Cambridge masterplan, which includes schools, retail space and community amenities. The scheme targets net-zero operational carbon through engineering and technology systems.
Facilities include a pavilion, rooftop terrace, gym, workspace, cinema room and children’s playground. The development received the Best Single Family Housing Development award at the 2025 Love to Rent Awards and has been shortlisted for Development of the Year at the 2026 Property Week RESI Awards.
Market context
The refinancing comes as tax threshold changes are set to affect majority of landlords by 2028, reshaping the UK rental market landscape. Single-family build-to-rent schemes represent a growing segment of the institutional investment market, distinct from traditional buy-to-let properties.
John Dunkerley, founder and chief executive of Apache Capital, said: “Present Made, Eddington is a template for how similar urban extensions can blend different types of rental and for-sale housing. With growing interest in Cambridge, and growing momentum around major science and technology companies in the region, we continue to see a deep well of demand from families and high-skilled workers.”
Jasper Gilbey, head of housing and alternatives, Europe at Nuveen Real Estate, said: “The strong lender demand reflects the high-quality of the scheme as well as its strategic location in one of the UK’s most prominent growth markets, Cambridge.”
Lim Lay Wah, head of global financial institutions group, overseas branches and ESG strategy at UOB, noted that the transaction demonstrates the role sustainable finance can play in supporting residential developments.
Investor implications
The successful refinancing ahead of schedule indicates lender confidence in the completed scheme’s performance within the Cambridge housing market. The transaction structure, moving from development to term financing, represents a typical progression for institutional build-to-rent assets as they stabilise operationally.
The Cambridge market continues to attract institutional investment due to demand from university staff, research sector employees and technology workers. This contrasts with broader housing policy discussions affecting other UK markets.
Nuveen Real Estate, which manages substantial global real estate assets, views the scheme as part of its wider European residential investment strategy focused on purpose-built rental housing.
