£45.1m Maslow Capital financing fuels residential development in Salford

By Bridging Loan Directory 25th June 2024

Specialist real estate finance provider Maslow Capital has provided a £45.1 milliondevelopment finance package to Heaton Group for the construction of a 250-unit luxury residential block in Salford, Greater Manchester.

The Heaton Group, a family-run development company with over 50 years of experience, will spearhead the project.

Known as Berkeley Square, it will deliver a mix of 1, 2, and 3-bedroom apartments, aiming to address the city’s growing housing demand.

The development will total 500 units and will be executed in two phases.

Located between Manchester City Centre, and the expansion of MediaCity, the prime location will offer residents convenient access to key transport links, including Metrolink stations, major bus routes, and nearby Manchester City Centre.

The project aims to deliver a high quality of living for its residents, with all apartments situated around a large, landscaped central square designed to boost positive social interactions and well-being.

The development will feature rooftop gardens, co-working spaces, an on-site café, and concierge services.

Designed with a minimalistic, high-end aesthetic, the apartments will provide stunning vistas over the lush green spaces and the river.

In line with Maslow’s commitment to environmentally responsible projects, the development is targeting an EPC rating of ‘B’ and will incorporate PV panels on the roof, recycled aggregates within the construction, and low or zero-carbon technologies.

Additionally, the project will include 568 bike parking spaces and electric vehicle charging points to encourage sustainable transport.

Completion of the project is expected in 2026, positioning Berkeley Square as a flagship development for luxury living in Greater Manchester.

John Heaton, Managing Director of Heaton Group, commented:

“Heaton Group specialise in urban place making, improving the public realm and enabling sustainable community living at scale.

We are delighted to be working with Maslow at Berkeley Square which forms part of our existing living sector pipeline.

For us, Maslow has a proven track record of financing complex transactions, particularly in the north of England, making them an ideal partner for this project.

With financing secured, Berkeley Square is set to become a landmark development, offering high-quality living spaces that cater to the needs of Salford’s residents.

The project will blend the convenience of city living with the benefits of green space to foster a strong community among residents.”

Sky Mapson, Senior Director of Development Origination at Maslow Capital, commented:

“Berkeley Square represents a fantastic opportunity to contribute to the thriving residential market in Salford.

Maslow Capital has a long history of successfully backing high-quality developments, and Heaton Group’s professionalism and experience give us great confidence in the project’s success.

We are proud to be part of this significant addition to Greater Manchester’s housing landscape.”

Rachael Gordon, Head of Deal Execution (UK & Europe) at Maslow Capital, commented:

“Our team worked seamlessly with Heaton Group to ensure this project will provide high-quality housing that meets the growing needs of the area.

We are confident that this development will stand out in the market and make a positive impact on the community.”

Simon Pilcher, CEO of Pilcher Capital Partners, commented:

“We’re delighted to have assisted both Heaton and Maslow in what was a complex and challenging development deal.

This transaction forms part of a substantial pipeline of projects within the living sector, in which Pilcher’s strive to provide granular sector understanding, married to best-in-class deal execution.

We look forward to continuing working with both Heaton and Maslow going forward.”