UK property developer, operator and investment specialist Select Property has secured a £128.5 mln (€149 mln) development finance deal to bring forward its landmark One Port Street residence in Manchester’s Northern Quarter.
Maslow Capital, a specialist finance provider, has provided the new finance as groundwork on the development nears completion.
The funding follows the initial success of the development, with Select Property selling £135 mln of apartments at the residence since February.
One Port Street represents the first residence under Select Property’s new flagship brand, the Prestige Collection, which aims to redefine city centre living through its focus on luxury amenities and resident experience. The development will bring 477 premium apartments to the city on its completion in 2025.
The deal marks the second occasion Maslow Capital has supported Select Property, having previously funded the development of CitySuites II.
Adam Price, CEO of Select Property, said: 'Significant appetite from investors and funders alike is testament to the strength of the opportunity promised by One Port Street, and to our team’s track record of developing and operating successful residences in Manchester.'
Matt Pigram, senior partner at Maslow Capital, said: 'One Port Street is an excellent addition to Select Property’s impressive portfolio that sets new benchmarks in residential living. This ambitious project reflects Maslow Capital’s unwavering commitment to the UK’s housing sector and to supporting large-scale projects that are critical in addressing the nation’s housing shortage.'
