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Maslow provides a £123m development facility for two iconic residential towers

  • The Gross Development Value (“GDV”) of the completed scheme is expected to be in excess of £230M
  • The development will bring one of the UK’s tallest residential structures to an area of the UK that has had a chronic undersupply of high-quality residential accommodation

 

London, 14 October 2019 – Specialist Development Finance provider Maslow Capital has today announced the completion of a £123million development facility to fund the construction of two iconic residential towers in Manchester.

With an estimated gross development value in excess of £230million, the project will seek to meet huge demand in a city that has one of the highest proportions of young workers (aged 18-34) in the country, a key demographic in the UK’s rental market.

Strong demand for high quality city-centre residential units in Manchester continues, supporting a steady increase in both capital values and rents, making Manchester a major UK investment hub.

Commenting on the supply of residential units in Manchester, Partner & Deal Originator Matt Pigram, said: “Despite a large increase in supply over the past few years, our market research shows an ongoing shortfall of supply of residential dwellings in the Manchester region. As a lender we are delighted to see a residential development of this scale under construction by a proven developer that is fully committed to meeting the housing demand in the city.”

The development will consist of two towers reaching 21 and 52 storeys respectively, providing a combined total of 664 residential units. The taller of the two towers will offer 360-degree views across the city and is set to become one of the most iconic on Manchester’s skyline. Residents will benefit from the finest facilities; including a resident’s lounge, a rooftop garden, a co-working space and one of the highest swimming pools in western Europe which is located on the 44th floor.

The completion of this £123m loan marks Maslow Capital’s eleventh facility in Manchester, making it a key and experienced lender in the northern region.

Commenting on Manchester’s ambitious development plans James Henry, who led the structuring of the loan facility said: “More students are residing in Manchester post-graduation than ever before, leading to an annual increase in the size of the working population that need high quality, well located accommodation. As a lender with close ties to Manchester, we are extremely pleased to be deploying an additional £123m into such an ambitious regeneration project.”

Maslow Capital CEO & Co-Founder, Ellis Sher added

“We are delighted to be supporting the delivery of a scheme of such scale and quality by such an accomplished and experienced developer. Despite the political and economic uncertainty, all the parties involved have done what they said they would do and remain focused on the delivery of this important project. It’s easy to lose sight of the housing shortages that many parts of the country face with all the Brexit noise around us. It’s important to Maslow that we support high quality developers throughout the cycle, ignoring some of the near-term volatility and focus on the long-term fundamentals.”

 

Maslow-Funded-Towers

Uncap your ambition with Maslow Capital (Video)

Maslow Capital is a leading provider of real estate development finance. We help developers realise their ambitions. We offer flexible funding solutions for professional developers across the UK undertaking residential, mixed-used, student, hotel and industrial developments.

Maslow announces a strong start to 2019 with the successful completion of eight transactions with a combined loan value over £100m

Maslow Capital, the specialist provider of real estate development finance, announces an excellent start to the year with the completion of a diverse range of development facilities that will see the delivery of 442,856 sq ft. of real estate assets covering residential, serviced apartments, student accommodation and retirement living.

With the completion of these deals, Maslow continues to demonstrate its deep sector and asset class knowledge which allows for the funding of complex deals across the UK. Strenghed by its depth of funding and recent high-profile additons to the team, Maslow continues to support capable developers in the delivery of their business plans notwithstanding the economic uncertainty facing the UK.

Commenting, Ellis Sher, Co-Founder and CEO of Maslow Capital, said:

“We are delighted with the start we have made to 2019, not only because of the quality of the transactions, but also their diversity. With the expansion of the Maslow team, we have more internal expertise to assess a wider array of deals which include specialist retirement living and serviced apartments. As we navigate the uncertain consequences of Brexit, we are committed to supporting our developers and working in partnership with them to deliver their real estate projects.”

Maslow is one of a handful of specialist development lenders who are able to write loans from £5 million with no upper limit and without rating agency or regulatory influence. The flexibility of Maslow’s balance sheet allows it to support multiple types of real estate and construction methodologies from self-build to fixed price and from part built to ground up.

Visit our deals page to see our latest completed schemes

Also see us featured in Property Week

Introducing our newest Originator, Emma Burke

Emma is a residential & commercial development finance specialist with a proven track record in building business relationships over the last 16 years in both the UK and Ireland.

Prior to joining Maslow Capital, Emma headed up Octopus Property’s Development Finance Team.

During her 3 years at Octopus, Emma was responsible for originating & structuring over £400m of development debt facilities and managing a team of 5 development finance specialists. 

Before joining Octopus, Emma was part of the Structured Property Finance team at Investec Private bank and was responsible for deal origination and the management of an existing portfolio. During her time at Investec, Emma structured development facilities for the construction of industrial units, hotels, residential development sites, large PRS schemes and serviced apartments.  

Emma holds a Bachelor of Business (Honours) Degree from National University of Ireland, Galway and has recently completed a leadership management course.

When asked what Emma will bring to the team Ellis Sher, Maslow Capital, Co-Founder and CEO said:

“Emma is driven, ambitious and has a terrific understanding of our market place. We are delighted that she has chosen to join us. Emma will play a central role in the Maslow origination team who together cover the length and breadth of the UK and where we have a broad appetite to fund real estate developments across residential, commercial, industrial, mixed use and purpose-built student accommodation.”

See us in Development Finance Today

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