The Birmingham-based builder has acquired the Princes Gate office development as part of plans to create 100 new homes.
The site on Homer Road consists of three office buildings around a central courtyard, which will be converted into 100 studios and one and two-bedroom apartments.
Elevate and joint venture partner Investin have previously completed in Coventry, Nottingham and Derby over the past 12 months.
The management team had been in discussion with Shawbrook for some time, before deciding the lender was the right partner for the project.
Elevate managing director Steve Dodd said: “This is a major acquisition for us and gives us a prestigious site close to Solihull town centre, train station, the NEC and Birmingham International Airport.
“The funding from Shawbrook, with the support of both the regional office here in Birmingham and the development finance team, was structured to give us complete confidence to acquire the site and to fully commit to the project as we first envisioned it.”
Elevate is also considering further residential development on the site of the adjacent out of use multi-storey car park.
The Princes Gate development is pitched as an opportunity for young professionals, commuters and first-time buyers to own a home.
Terry Woodley, head of development finance at Shawbrook, added: “Steve and the team at Elevate have an impressive history of successful developments across the Midlands.
“In Princes Gate they have identified and secured a site with great potential in a highly desirable location.
“Solihull has a lot to offer, and we think Princes Gate will become a very popular development in the town so we’re proud to be involved.”