More than 1,100 new homes to be built in Glasgow and Manchester
The specialist real estate financier will fund a total of four schemes, which will see the delivery of over 1,100 new residential and student accommodation units in the two cities.
Three of the deals, totalling over 736,000 sq ft, are located in Manchester, with the remaining deal providing 111,000 sq ft. of purpose built student accommodation in Glasgow. In total, these developments will deliver in excess of 847,000 sq. ft. of new accommodation.
So far in 2018, Maslow has provided more than £200m in development loans.
Sky Mapson, lead PBSA and residential originator at Maslow Capital, said: “The closing of these deals is further proof that not only is the demand out there for specialist funding, but that developers are connecting in a big way with providers who combine a flexible approach with real expertise.
“That we can close £100m in facilities in just one month is testament to the confidence that we and our clients have in certain parts of the UK and the chronic need for new housing in these cities. These deals demonstrate that we have a strong appetite to support regional developments across the country, providing loan facilities with an average size of £25m to experienced sponsors.”
Ellis Sher, co-founder of Maslow Capital, said: “June has been a fantastic month for Maslow following a strong start to 2018. We’re delighted to meet the growing demand for alternative financing from developers throughout the country. In particular, we’re continuing to see more and more opportunities across cities in the north and in Scotland– with Manchester and Glasgow two prime examples.
“We expect this trend to continue throughout the year, as well as the broader trend of demand from our clients for our unique combination of specialist knowledge, balance sheet strength, and structured credit facilities.”