Linear secures backing for 24-storey Manchester block

Property finance provider Maslow Capital has completed a £50m two-stage facility to support the developer’s aspirations to deliver 251 homes on the edge of the Green Quarter.

Maslow Capital, which has been active throughout the Northern markets, has provided a pre-gateway bridging and follow-on development facility.

The lender said that through its multi-product offering, Maslow Capital can support sponsors with bridging and development finance under a joined-up approach that streamlines documentation, reduces duplicated due diligence and legal work, and provides a clearer, more efficient route from acquisition to delivery.

Within the 251 homes are four townhouses, while seven homes are also adaptable for residents with additional needs.

Linear Living has previously delivered phase one of the £34m Trafford Gardens – also backed by Maslow, to the tune of an £18m financing package – and is now looking to regenerate the long-vacant site, bounded by Cheetham Hill Road, Lord Street and Fernie Street, aiming to get on site this year.

The site previously held retail and commercial units fronting Cheetham Hill Road, which have been partly demolished. It sits on the edge of the Strangeways and Cambridge Strategic Regeneration Framework area.

Sky Mapson, senior director, origination at Maslow Capital, said: “Maslow Capital specialises in structuring finance that supports sponsors through each stage of the development cycle.

“Agreeing both phases from the outset, pre-gateway, gives sponsors a level of certainty that’s hard to achieve in today’s market. We’re particularly pleased to be working with Linear Living again following the successful funding and delivery of Trafford Gardens, and to support the team as it advances another prominent Manchester scheme.”

Enabl is advising on planning and Aew Architects is leading on design. Linear acquired the site from Delph Property, which bought it in 2018 from a vehicle backed by B&M Bargains founders Simon and Bobby Arora.

Linear Living chief executive Stephen Holmes said: “Securing a joined-up bridge-to-development facility was a key priority as we progress One Lord Street. Having bridging finance available at pre-gateway, alongside an agreed follow-on development facility once gateway approval is achieved, provides certainty and keeps the project moving forward.

“We valued Maslow Capital’s constructive, solutions-led approach and look forward to progressing proposals that will support the Green Quarter’s continued regeneration.”

Other schemes backed by Maslow include Select’s One Port Street in Manchester, completed in January with a £128m package provided, and Legacie’s The Gateway in Liverpool, on course for completion next year.

Maslow has also backed Leeds developer Torsion Group on three projects, including a £65m package to deliver Flax Place.