Developer McGoff started construction this week on the first phase of its Downtown PRS project on the Salford side of Castlefield following completion of a significant funding deal with Wellesley Finance.
The funding facility is believed to be the largest debt package issued by Wellesley Finance, which usually lends between £2m and £20m.
Chris McGoff said: “Downtown has already been a huge success. Having achieved sales on well over 200 units, it’s great to be able to see the scheme ready to come to life after more than two years in the planning. Success has not only been founded on the building’s hotel-style services, great riverside location and proximity to local amenities and transport links, but has also been influenced by our purchaser’s confidence in the McGoff Group’s offering and longevity which has had a direct positive impact on sales.”
Derek Bradstock, head of origination at Wellesley, commented: “It’s great to conclude this deal with the McGoff Group. Offering flexible finance for a wide range of different developments, we are committed to supporting ambitious and experienced property developers like Chris and the team and very much look forward to seeing the scheme start to take shape.”
The funding will be drawn down over four-and-a-half years to deliver the development in two phases. Phase one will contain 160 units and phase two 208.
The project will be built and block managed by the McGoff Group, which includes contracting arm McGoff & Byrne and McGoff Group Facilities Services.
Law firm Fieldfisher advised McGoff. The first apartments are due to complete in 2019.