Linear Living has secured a £50m two-stage facility from Maslow Capital to support the delivery of a new 23-storey residential development on Lord Street in Manchester City centre.
The agreement comprises a pre-gateway bridging and follow-on development facility for the 251-home apartment and townhouse scheme.
Maslow Capital previously provided £18m of financing for Linear Living’s Trafford Gardens development in Manchester.
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.”
Rachael Gordon, head of deal execution (UK and Europe) at Maslow Capital, added: “Manchester continues to attract sustained demand and institutional investment, with regeneration frameworks helping to shape the next phase of city centre growth. In that environment, projects benefit from funding that is aligned to deliverability and sequencing, and we are pleased to support Linear Living as it progresses plans for a landmark scheme at Lord Street.”
Stephen Holmes, CEO of Linear Living, 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.”
