Forshaw secures £64.2m development loan for Manchester resi
Maslow Capital, one of the most active lenders in Northern real estate, is providing a facility for the developer’s 24-storey Cornbrook scheme.
Forshaw Land & Property Group has secured a £62.4m development loan to construct its largest project to date. The scheme comprises 237 apartments and an 88-key Vivere aparthotel.
The developer and Maslow have collaborated before. In 2023, the lender provided Forshaw with a £23m loan to build the 160-apartment Pavilion Wharf project in Salford.
Lyndon Forshaw, managing director at Forshaw Land & Property Group, said: “Our previous projects with Maslow Capital, including Halo Apartments and Pavilion Wharf, have been resounding successes, and this new collaboration further solidifies our partnership.
“Maslow’s deep understanding of the development process and their ability to align with our vision make them a natural fit for our projects. Their expertise gives us the confidence to deliver ambitious schemes like the Vivere Residences, which we are proud to see contributing to Manchester’s ongoing growth and urban transformation.”
Manchester City Council granted planning permission for the Cornbrook project last year after Forshaw acquired the site from Peel.
Bricks Group and Peel Waters had previously been delivering the project, with Marriott lined up to operate the scheme.
Maslow’s £64m loan for the project follows other large financing deals for residential projects in the North, including £93.5m for a 600-apartment development by Legacie in Liverpool, £45m for Heaton Group’s 500-home Berkeley Square in Salford, and £32m for a 400-bed PBSA scheme in Leeds.
Rachael Gordon, head of deal origination at Maslow Capital, said: “Manchester’s ongoing transformation is thanks in large part to innovative developers like Forshaw Land & Property Group, who continually elevate the standards we expect in modern residential projects.
“With demand for housing in the city outstripping supply, developments like Vivere Residences are essential in addressing this shortfall and supporting Manchester’s growth. We are proud to continue shaping the city’s future by financing another exceptional mixed-use development.”
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This city really needs a plan for more better, bigger trams with more capacity and a tunnel for the city centre. Endless apartments going up and then in a few years everything will be at breaking point.
By Quail
Re Quail: Manchester needs an Underground like many major cities not more trams which only add to the congestion in the City Centre.
By Peter Chapman
An exceptional development. Really? Looks like another banal brick box to me.
By John