Maslow Capital, the specialist provider of real estate development finance, today announces the completion of three diverse development facilities with a collective GDV in excess of £85 million. The three loans will see £52 million deployed into distinct asset classes covering student accommodation, residential apartments and retirement living.
These deals follow on from the successful completion of a 147-unit Aparthotel in Manchester and the popular launch of Maslow’s dedicated lending division for hotels.
Ellis Sher, pictured, Co-Founder & CEO of Maslow said:
“We are working hard to develop our capabilities across a broad range of real estate assets as we respond to developer demand. One of our stated objectives is to bring diversity to our loan book and these deals reflect that intention”.
The first of the three deals will see the development of an 86-unit residential scheme in Salford, Manchester. The majority of the end units have been sold off-plan and construction will commence in July 2020. This is the third time this borrower has sought funding from Maslow, marking the continuation of a longstanding relationship.
£20 million will be used to fund the development of a 300-unit student scheme in Nottingham, which comprises a range of cluster beds, studio accommodation and amenity space. The scheme will reach practical completion in time for the 2021 academic year.
Bringing to light what Maslow added to the Nottingham PBSA project, Head of Investments at Q Investment Partners (QIP), Ben Hall said:
“Maslow brought more to the table than just project financing. Their dedicated PBSA team worked with us during the origination phase to help better shape the construction contract and operational business plan, which ultimately reduced project risk for us and our investors.”
Highlighting Nottingham’s attractiveness, the head of Maslow’s PBSA’s division, Sky Mapson said:
“Nottingham is home to two major universities, The University of Nottingham and Nottingham Trent University, which are ranked 20th and 65th respectively in The Times’ Good University Guide. Both institutions experience high demand with a significant number of international students also helping drive the majority of purpose-built student accommodation demand in the city.”
The third deal sees the completion of an 82 unit residential and retirement scheme in Gosport. The £35 million GDV scheme will be delivered by the borrower’s own contracting business over the next 21 months. A programme of refurbishment of an existing Grade II listed building and the development of new buildings will create a residential village within a landscaped historic park. This is also the third time the borrower has sought funding from Maslow.
Highlighting Maslow’s relationship with its borrowers, Sky Mapson added:
“The number of returning borrowers we are seeing is a true testament to the high standards Maslow holds itself to. With our dedicated lending desks that understand the intricacies of each real estate asset class, our borrowers can be assured that they will be fully supported by a highly experienced team throughout the entire length of the relationship.”