Maslow Capital completes £18m financing for Linear Group’s ‘Trafford Gardens’ development in Manchester

By Bridging Loan Directory 24th October 2023

Leading real estate finance specialist, Maslow Capital, has announced the successful completion of an £18 million loan, supporting Linear Group, a UK-wide specialist in construction known for delivering diverse projects in both the public and commercial sectors.

The loan will facilitate the development of “Trafford Gardens”, a residential scheme comprising 116 state-of-the-art apartments, located within Old Trafford, just 2 miles southwest of Manchester city centre.

In addition to 116 homes, the project is set to create a vibrant hub that will include 3,450 sq. ft of commercial office space, ample parking with 17 undercroft spaces, and 149 cycle parking spots.

Embodying its name, the new development will feature a roof garden on the 9th floor and a thoughtfully designed courtyard, providing ample communal living space for its residents.

To help address the need for more affordable housing in Manchester, Linear Group will develop an additional 33 affordable units on-site, which will be sold to a local housing association.

Manchester has witnessed a population surge, with an impressive growth rate of 9.7% over the past decade.

By 2025, the city is expected to welcome an additional 35,000 residents, spurred by economic advancements, a thriving academic scene, and an expanding city centre.

However, housing supply has not kept pace with this demand, emphasising the need for modern residential developments like “Trafford Gardens”.

Linear Group was introduced to Maslow by Sophell Real Estate Finance.

Sky Mapson, Director, Deal Origination at Maslow Capital, said:

“We are pleased to have delivered for a highly professional client with strong ESG credentials.

This project particularly stood out to us due to its community-centric design, which aligns with the urban living projects we actively seek to support.

We look forward to further growing our relationship with the Linear Group and remain committed to supporting developers by providing a wide range of financing options from £10m to £300m.”

Rachael Gordon, Head of Deal Execution at Maslow Capital said:

“Manchester continues to be a success story in the UK. Its growing student population, economic resilience, and cultural richness make it an attractive destination.

‘Trafford Gardens’ is a project that addresses the city’s housing undersupply while catering to the needs of its residents.”

Stephen Holmes, CEO at Linear Group, said:

“We are delighted to progress this project with the support of an experienced funding partner such as Maslow.

We look forward to the positive impact ‘Trafford Gardens’ will have on the local economy and its contribution to addressing the city’s housing demand.”

Russell Jowett owner of Sophell Real Estate Finance Limited said:

“Sophell has invested a huge amount of time in ensuring the realisation of Trafford Gardens.

Navigating the complexities that arose when the original developer entered administration was no small feat.

We’re delighted to see our persistence pay off, with Maslow stepping in to support the continuation of a project vital to Manchester’s housing market.

The Linear team has been nothing short of first-class, and we’re fully confident they’ll deliver an excellent end product.

This was a complex deal and we worked extremely well with Maslow Capital throughout the process

. We look forward to working with them again in the future.”