Maslow Capital provides £50m facility for Manchester residential scheme
The finance covers a pre-gateway bridging facility, followed by a development loan, making the process more efficient from purchase to delivery.
Maslow Capital completed a £50m two-stage facility for Linear Living, supporting a new residential development at Lord Street, Manchester.
The finance covers a pre-gateway bridging facility, followed by a development loan, making the process more efficient from purchase to delivery.
The One Lord Street scheme will deliver 251 apartments and townhouses in a 23-storey building.
The location is close to the Strangeways and Cambridge strategic regeneration framework area, an initiative led by Manchester City Council and Salford City Council.
Sky Mapson, senior director, origination at Maslow Capital, said: “Maslow Capital specialises in structuring finance that supports sponsors through each stage of the development cycle.
“Agreeing both phases from the outset, pre-gateway, gives sponsors a level of certainty that’s hard to achieve in today’s market.
“We’re particularly pleased to be working with Linear Living again following the successful funding and delivery of Trafford Gardens, and to support the team as it advances another prominent Manchester scheme.”
Rachael Gordon, head of deal execution (UK & Europe) at Maslow Capital, said: “Manchester continues to attract sustained demand and institutional investment, with regeneration frameworks helping to shape the next phase of city-centre growth.
“In that environment, projects benefit from funding that is aligned to deliverability and sequencing, and we are pleased to support Linear Living as it progresses plans for a landmark scheme at Lord Street.”
Stephen Holmes, CEO at Linear Living, said: “Securing a joined-up bridge-to-development facility was a key priority as we progress One Lord Street.
“Having bridging finance available at pre-gateway, alongside an agreed follow-on development facility once gateway approval is achieved, provides certainty and keeps the project moving forward.
“We valued Maslow Capital’s constructive, solutions-led approach and look forward to progressing proposals that will support the Green Quarter’s continued regeneration.”
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