Heaton Group has secured a £55m development finance package from Maslow Capital to support the second phase of its Berkeley Square development in Salford.
This latest tranche of funding follows Maslow’s initial £45m facility for phase one of the luxury residential development, which is situated on Ordsall Lane.
The project comprises 500 residential units, split across two phases. Phase two will provide 250 new one-, two- and three-bedroom homes.
The on-site amenity provision will include a state-of-the-art gym, co-working spaces and concierge services. Completion of the entire Berkeley Square development is anticipated in 2026.
John Heaton, managing director of Heaton Group, said: “Partnering with a lender that understands our long-term vision is crucial, and Maslow Capital has been instrumental in making Berkeley Square a reality. This next phase allows us to accelerate our plans, bringing a high-quality, sustainable residential offering to one of the UK’s fastest-growing urban hubs.”
Sky Mapson, senior director, development origination at Maslow Capital, added: “At Maslow, we place a strong emphasis on service, enabling us to build long-term relationships with clients based on experience, trust, and certainty of funding – key factors that continue to drive our clients’ growth and success.
“We are proud to see this strategy in action through the completion of this loan and our continued support for The Heaton Group in delivering Berkeley Square. This high-quality, amenity-led development will provide much-needed housing in a prime location, contributing to Salford’s ongoing regeneration and growth.”
Rachael Gordon, head of deal execution (UK and Europe) at Maslow Capital, said: “Salford continues to establish itself as a key growth hub within Greater Manchester, attracting both residents and investors drawn to its strong economic fundamentals and ongoing regeneration. The city’s expanding employment opportunities, coupled with a thriving rental market and increasing demand for high-quality housing, reinforce its long-term appeal.”
Simon Pilcher, managing director of Pilcher Capital Partners, who introduced the deal to Maslow Capital, added: “We are delighted that our strategic treasury function provided the capital origination and negotiation resource to our client, enabling the execution of this transaction, while supporting Heaton’s wider portfolio funding requirements.
“The successful financing of this scheme is another positive step forward for Heaton, building upon its strong foundations for the future. Maslow remain an excellent financial partner; the team provide first class transactional capability enabling certainty and speed of execution.”
