Maslow Capital funds Nanchester residential scheme

Maslow Capital has provided a £50 mln (€58.5 mln) loan to Linear Living for a residential project at One Lord Street in Manchester.

Lord Street

This funding is split into two parts: an initial bridging loan for the pre-development phase and a subsequent development loan.

This project, featuring 251 apartments and townhouses across a 23-story building, is considered a key development at the entrance to Manchester city centre. It will play a role in the regeneration of the Green Quarter and is also located near the Strangeways and Cambridge Strategic Regeneration Framework area, an initiative by Manchester and Salford City Councils.

This isn't the first time Maslow Capital has supported Linear Living, as they previously provided £18 mln (€21.1 mln) for the Trafford Gardens development, also in Manchester. Maslow Capital's ability to offer both bridging and development finance through a single process helps to simplify and speed up the funding process for developers.

Sky Mapson, senior director, Origination at Maslow Capital, commented: “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, added: “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, commented: “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.”