Real estate finance specialist, Maslow Capital, has completed an £18 mln (€21 mln) loan supporting a scheme in Manchester, UK by Linear Group, a UK-wide specialist in construction.
The loan will facilitate the development of Trafford Gardens, a residential scheme comprising 116 state-of-the-art apartments, located within Old Trafford, just 2 miles southwest of Manchester city centre.
Stephen Holmes, CEO at Linear Group, said: 'We are delighted to progress this project with the support of an experienced funding partner such as Maslow. We look forward to the positive impact Trafford Gardens will have on the local economy and its contribution to addressing the city's housing demand.'
In addition to 116 homes, the project will include 3,450 ft2 of commercial office space, car parking with 17 undercroft spaces, and 149 cycle parking spots. The new development will feature a roof garden on the 9th floor and a courtyard.
To help address the need for more affordable housing in Manchester, Linear Group will develop an additional 33 affordable units on-site, which will be sold to a local housing association.
Manchester has witnessed a population surge, with an impressive growth rate of 9.7% over the past decade. By 2025, the city is expected to welcome an additional 35,000 residents, emphasising the need for modern residential developments.
Rachael Gordon, head of deal execution at Maslow Capital said: 'Manchester continues to be a success story in the UK.
'Its growing student population, economic resilience, and cultural richness make it an attractive destination. ‘Trafford Gardens’ is a project that addresses the city's housing undersupply while catering to the needs of its residents.'
