Puma Property Finance has provided a circa £50m loan to the McGoff Group for a new 237-unit build-to-rent (BTR) scheme in central Manchester. The development loan is the largest Puma has provided to date.
Downtown Victoria North, on Rochdale Road, will offer 77 one-bedroom, 149 two-bedroom and 11 three-bedroom apartments. Construction is already underway and the development is expected to complete in early 2026.
Alongside the development loan, Puma is also providing a stabilisation facility to help support the asset to maturity post-completion.
Tony Throp, director at Puma Property Finance, said: “The McGoff Group’s Rochdale Road scheme is an exciting development in a prime location in Manchester, and we’re delighted to once again be partnering with the McGoff Group to deliver it.
“The imbalance between supply and demand in the UK rental market is well known, with many people having to push back home ownership aspirations because of higher interest rates and unaffordable property prices, and private landlords also leaving the market. Meanwhile renters are desiring higher standards of living than previously. The BTR sector therefore has a critical role to play in bridging this gap.”
Paul Frost, managing director at Puma Property Finance, added: “As the largest loan that Puma Property Finance has provided to date, nothing could better demonstrate both our belief in the strongly underlying fundamentals of the BTR sector as well as our commitment to funding all parts of the UK, not just the traditional London and South East heartlands. It is also a great illustration of our relationship-based approach to lending.”
Chris McGoff, director at the McGoff Group, said: “The UK currently faces a huge shortage in rental housing supply, and we’re therefore pleased to have partnered with Puma Property Finance once again on Downtown Victoria North, which is positioned in the heart of Manchester city centre. The Puma team demonstrated great flexibility in a tight timeline to deliver this deal, and we look forward to continuing to work with them throughout this development and in the future.”
