What's Happening?
Linear Living has obtained a £50 million two-stage financing facility from Maslow Capital to support the development of a new 23-storey residential project on Lord Street in Manchester City Centre. This agreement includes a pre-gateway bridging and follow-on
development facility for a 251-home apartment and townhouse scheme. Previously, Maslow Capital provided £18 million for Linear Living's Trafford Gardens development in Manchester. Sky Mapson, senior director at Maslow Capital, emphasized the importance of structuring finance to support sponsors through each development stage, providing certainty in today's market. Rachael Gordon, head of deal execution at Maslow Capital, highlighted Manchester's sustained demand and institutional investment, which are driving city center growth. Stephen Holmes, CEO of Linear Living, noted that securing a bridge-to-development facility was crucial for progressing the One Lord Street project.
Why It's Important?
The financing secured by Linear Living is significant as it underscores the continued investment and development in Manchester's residential sector. This project is part of a broader trend of urban regeneration and growth in Manchester, attracting institutional investment and supporting the city's economic development. The involvement of Maslow Capital, known for its structured finance solutions, provides a level of certainty and stability in the development process, which is crucial in the current economic climate. This development is expected to contribute to the city's housing supply, addressing demand and supporting the local economy through job creation and increased economic activity.
What's Next?
As the project progresses, Linear Living will focus on achieving gateway approval to move forward with the development. The successful completion of this project could lead to further investment opportunities in Manchester's residential market. Stakeholders, including local government and community groups, may engage in discussions about the project's impact on the local area, particularly in terms of infrastructure and community benefits. The project's progress will be closely monitored by investors and developers looking to capitalize on Manchester's growth potential.
