Maslow Capital funds 160-unit residential scheme in Salford with £26m loan

By Bridging Loan Directory 3rd May 2023

Maslow Capital, a leading provider of development finance, has provided a £26 million loan to the Forshaw Land & Property Group, a well-established property developer with an impressive pipeline of residential developments in prime city centre locations in the Northwest.

The loan will be used to fund a 160-unit residential scheme on Derwent Street, Salford known as Pavilion Wharf.

This transaction marks the second facility Maslow Capital have provided Forshaw Land & Property Group, showcasing the strong and established relationship between the two companies.

The new development, situated on the riverfront of the River Irwell in the Salford area of Greater Manchester, is set to consist of a modern, 17-storey tower with 160 residential units.

The tower will include a mix of 1, 2, and 3-bedroom apartments, offering luxurious living spaces for both investors and owner-occupiers.

In response to the strong demand for high-quality new-build apartments in Salford, the units will feature a high-level specification, ensuring they meet and exceed the expectations of the local market.

In addition to the residential units, the development will provide residents with a range of premium amenities on the ground floor.

These include a state-of-the-art gymnasium, a residents’ lounge, co-working spaces, concierge services, and a dedicated post room.

Car parking will also be available within the scheme, with 14 spaces located in a gated car park.

The building has been designed to minimise direct energy consumption and CO2 emissions, reflecting the development’s commitment to environmental responsibility.

As part of the project, a communal landscaped area will be created, featuring trees, plants, grassed areas, and integrated seating.

Additionally, a new area of public realm will be delivered providing enhanced river access featuring south facing galleried steps to the river Irwell tow path.

Residents will have access to a covered river facing terrace on the ground floor, providing stunning views and an impressive space for entertaining.

Domis Construction, an industry leader in construction and development with a proven track record, has been appointed as the main contractor responsible for delivering the scheme.

Today’s £26 million loan follows on from Maslow Capital’s previous partnership with Forshaw Land & Property Group, which saw the successful delivery of a 66-unit scheme in Manchester 2019.

Maslow Capital’s versatile loan solutions, extending from £10 million up to £300 million, continue to accommodate the requirements of entrepreneurial developers at every step of their growth path.

Sky Mapson, Deal Origination at Maslow Capital said:

“Salford’s continued transformation is a testament to developers like the Forshaw Land & Property Group who are helping shape the landscape of the area.

Our £26 million loan for this Derwent Street development highlights Maslow Capital’s dedication to supporting projects that elevate the standard of living in thriving urban environments.

We are thrilled to contribute to the ongoing evolution of Salford by financing this exceptional residential scheme, complete with top-tier amenities and luxurious living spaces.”

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

“We take great pride in building strong relationships with valued partners like Forshaw Land & Property Group.

Our ongoing collaboration is a reflection of our confidence in their ability to deliver exceptional projects, and we are delighted to support their growth and success.”

Lyndon Forshaw, Managing Director at Forshaw Land & Property Group, said:

“I’m delighted to work with Sky and the team at Maslow Capital again on Pavilion Wharf.

I find they provide competitive terms, are straight forward to deal with and can offer a creative approach to funding our larger schemes which allows our own capital to go further.”