Peel is set to receive an £8.3m loan from the GM housing investment fund to finance the construction of The Lightbox, a development of 238 apartments in the next phase of MediaCityUK.
The Greater Manchester Combined Authority is due to meet on Friday 28 October, and is requested to approve the loan to Peel.
If signed off, the deal with Peel will mean that £125m of the £300m housing fund is committed.
The Lightbox would be the second Peel project backed by the fund. Last year Peel and Rowlinson secured a £10m loan towards the development of 164 flats at Pomona Island, now Manchester Waters.
The Lightbox is a 19-storey block designed by AHR Architects, and forms the first project in the £1bn second phase of development at MediaCityUK.
Peel has set a 2019 completion date for the scheme.
The Lightbox will be made up of a mix of one, two and three bedroom apartments. The flats were launched to market for sale in May, with prices starting at £134,000.