UK alternative lender Fortwell Capital has provided a new £45.5 mln (€54 mln) loan facility to developer Cole Waterhouse, enabling the construction of Anchorage Gateway, a new residential development comprising 290 PRS apartments in Greater Manchester, UK.
The deal represents Fortwell’s first PRS facility.
Situated in Salford Quays, within proximity to Media City UK, the Anchorage Gateway site provides access to Europe’s largest purpose built creative, digital and technology focused community. Construction at Anchorage Gateway is expected to complete in Q1 2024.
The new facility continues Fortwell Capital’s partnership with Cole Waterhouse, following the provision of a £55 mln loan in 2019 to fund the construction of No.1 Old Trafford, a Cole Waterhouse development comprising 354 private apartments in Trafford, Greater Manchester, which achieved practical completion in Q2 2021.
Fortwell Capital has funded the development of over 560 new residential units in Manchester, Birmingham and Sheffield with over £100 mln of finance in 2021 alone, while continuing to support development in other growth sectors, including care homes, retirement living, and logistics.
Arthur Jennings, managing director at Fortwell Capital, commented: 'With the mass relocation of the UK’s media from London to Salford, we anticipate increasing numbers of young people will be drawn to Manchester seeking career opportunities and a high standard of living. Anchorage Gateway aligns with our appetite to fund developments in key commercial cities that are growing economically, and where there is high and rising demand for modern housing. Cole Waterhouse is a first-class sponsor, and we are delighted to be furthering our relationship to ensure the successful delivery of their latest scheme.'
