Maslow loan helps revive stalled Old Trafford resi
The 149-apartment Botanical Gardens project off Talbot Road, previously being delivered by collapsed developer Investar, has been picked up by Linear Group.
Linear Design & Construct, part of Linear Group, was appointed to build the development in 2022 but downed tools after Investar fell behind on loan repayments to lender Shawbrook.
The contractor has now acquired the scheme out of receivership and secured an £18m loan from lender Maslow to progress the project, which has been renamed Trafford Gardens.
As well as 149 homes, 33 of which will be sold to a housing association, the scheme features 3,459 sq ft of commercial office space and a roof garden on the ninth floor.
Stephen Holmes, chief executive 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.”
Sky Mapson, director in the deal origination team at Maslow Capital, said: “This project particularly stood out to us due to its community-centric design, which aligns with the urban living projects we actively seek to support.
“We look forward to further growing our relationship with the Linear Group and remain committed to supporting developers by providing a wide range of financing options from £10m to £300m.”
Maslow has been very active in the North West so far this year at a time when developers’ access to debt is restricted due to high interest rates.
In September, Maslow provided Select Property Group with a £128m facility for the creation of a 477-apartment development in Manchester and earlier this month the lender unlocked a student scheme in Lancaster with a £32m loan.
These are the type of buildings Manchester needs absolutely everywhere. Beautiful mid height blocks lining all the major roads into the city 👍
By Anonymous
Such a relief to see a design like this. Hope to see many more buildings in this style rather than the use of various types of cladding.
By MrP
Another Stretford/Trafford scheme with loads of facilities on the doorstep, metrolink access and a 10 minute bike into the City Centre.
By Gorgeous Scheme
A proper building designed by a decent architect who cares about the impact their buildings have on their surroundings. We need a lot more of this in Manchester, let’s move away from the stale 3/4 architects we usually get
By Anonymous
Was hoping for more than juliet balconies here. Shame
By Balcony Warrior