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The joint venture partners have agreed to a sustainability-linked loan from lenders HSBC and OCBC.
The refinancing of the US manager's Kereby platform saw local lenders replace financing from an international bank.
The financing will fund part of a £250m regeneration scheme.
The lender, which is financing two developments in Milan, sees strong demand for build-to-sell housing in the country.
The scheme was halted when the previous developer, Investar, fell into administration last year.
The Madrid-headquartered investor sourced the debt from a consortium of European lenders.
The Swedish property company, which is reducing its bond debt, says bank financing is available for residential portfolios.
The manager received a £300m facility to acquire 34 sites from a mix of banks and alternatives.
The manager has hired Sunny Lakhtaria as UK head of real estate debt.
The alternative lender will provide loans of up to 36 months for UK residential developers.