Forshaw strikes £26m deal for Salford resi
Maslow Capital is funding the construction of the developer’s 160-apartment Pavilion Wharf project.
The lender has provided a £26m loan for the Salford project, which has previously been known as City View and River Plaza.
The loan is the second Maslow has given to Forshaw after the lender funded the developer’s 66-apartment Halo in Manchester in 2019.
Rachael Gordon, head of deal execution at Maslow Capital said: “We take great pride in building strong relationships with valued partners like Forshaw Land & Property.
“Our ongoing collaboration is a reflection of our confidence in their ability to deliver exceptional projects, and we are delighted to support their growth and success.”
The 17-storey Pavilion Wharf is located on the banks of the River Irwell in the Ordsall area of Salford and was approved by the city council in March 2022.
As well as a mix of one-, two-, and three-bedroom apartments, the scheme will provide a gym, residents lounge, and coworking spaces.
Domis Construction is on site delivering the scheme, which has been in the pipeline since 2016.
The Derwent Street development has gone through a series of iterations since it was first revealed six years ago.
Back then, the scheme reached 27 storeys and featured 183 apartments.
Those plans, designed by DLA Architecture, were scaled back to 21 storeys in 2018 before being approved, but work did not start on site.
Two years later, Forshaw drafted in Jon Matthews Architects to refresh the designs. This saw the project scaled back to 14 storeys and 130 apartments.
A fourth iteration, featuring 160 apartments across 17 storeys, came to light in 2021 as Property Alliance Group looked to join Forshaw on the scheme in a joint venture.
However, last year, the developer’s managing director Lyndon Forshaw confirmed the JV was no longer on the table.
Renaissance is the structural engineer and TPM Landscape is the landscape architect.
Lichfields is advising on planning.