Maslow Capital provides €78m development loan for Flax Place, an institutionally backed Build to Rent scheme in Leeds
Maslow Capital, a leading specialist provider of real estate finance, has completed a €78 million development facility with Torsion Developments, the development arm of the vertically integrated Torsion Group, to deliver Flax Place, a landmark Build to Rent (BTR) scheme in Leeds. The project will create 300 high-specification apartments on a vacant brownfield site to the east of the city centre.
Designed by Day Architecture, Flax Place comprises two architecturally distinctive towers of 9 and 14 storeys, linked by a shared podium. Residents will benefit from premium amenities, including generous communal lounges and co-working areas, secure cycle storage, and on-site leisure facilities. Construction began in Q4 2024 and is progressing on programme — all four concrete cores are already complete and is scheduled for practical completion in April 2027.
Reflecting robust institutional appetite, the development has been forward sold to Starlight Investments, with Flax Place delivering professionally managed homes, in a prime Leeds location to a supply-constrained market. Despite recent growth the Leeds BTR market remains in its infancy with current market penetration rates at 5.5% (of total PRS households), increasing to 9.1% with schemes under construction, well below levels associated with more mature markets such as Manchester (25%) and Birmingham (15%).
This latest transaction marks Maslow Capital’s third collaboration with Torsion Developments in Leeds. Previous support includes a €68.4million facility for a nearby 367-unit BTR development, and a €65.28million loan supporting a CityLife–Torsion joint venture to deliver a landmark Build to Sell residential scheme. Together, these facilities highlight Maslow’s commitment to funding strategically important projects in key regional centres and reinforce the firm’s ongoing support for the UK and European real estate markets.
Financial advisory GLPG acted as capital advisor to the borrower, supporting Torsion Developments throughout the funding process.
“We are delighted to partner once again with Torsion Developments, whose delivery capability continues to impress. Flax Place will play a vital role in narrowing Leeds’ acute housing shortfall while offering residents best-in-class amenities. Maslow Capital remains committed to providing the flexible capital that drives quality housing where it is needed most.”Emma Burke, Managing Director, Development Finance at Maslow Capital
“Maslow Capital’s responsive and dependable financial backing has been instrumental in realising our growth ambitions. As a vertically integrated business, Torsion Group is uniquely positioned to manage every stage of delivery — from investment and development through to construction and operation. Having a lender that consistently champions both Torsion Developments and the wider Northern economy – while bringing deep expertise across the UK and European real estate landscape – gives us the confidence to deliver forward-thinking schemes such as Flax Place, bringing premium, institutionally backed rental homes to one of the country’s most dynamic regional cities.”David Worsley, Chief Operating Officer at Torsion Group
“Acting on behalf of the borrower, our priority was to secure a funding partner capable of combining experience, certainty, commerciality and sector expertise. Maslow Capital delivered on all of these – and reliability in particular is paramount when sourcing debt for clients. Their agile approach and proven track record in supporting a broad range of living sector assets has given Torsion Developments the confidence and flexibility required to deliver Flax Place on programme. We are delighted to have worked again with both Torsion and Maslow.”Nick Swerner, Director at GLPG
