Property finance group backs developer’s latest scheme with £20m package
Specialist real estate development finance provider Maslow Capital is deploying £20m of funding into Liverpool-based Legacie Developments’ new project in the North West.
The new £20m facility follows Maslow’s previous financing package of £22m which supported Legacie’s Parliament Square development in Liverpool in February 2020.
Today’s (November 16) completion will fund the construction of Merchant’s Wharf, a residential and commercial development in Salford Quays.
This new project is located beside the River Irwell in Salford. Situated just 850m from Manchester city centre, this new scheme will bring more than 196 waterfront apartments, commercial space and an onsite gym to a newly established neighbourhood.
Legacie has delivered a number of residential and commercial developments throughout the North West.
The company’s work has primarily focused on Liverpool with schemes including Renshaw Street’s Ropemaker Place, Water Street’s Reliance House and the flagship £90m Parliament Square in the Baltic Triangle.
Adding to its existing portfolio, the business established by the former Liverpool John Moores university graduate, John Morley, recently announced new ambitious plans for a development in Luton.
Maslow Capital has a well-established reputation in the North West, having funded the development of 2,828 residential units in the region to date.
With the completion of this deal, Maslow continues with its mission to deliver much needed housing across the UK.
John Morley, managing director and founder of Legacie Developments, said: “Having the support of the institutionally backed Maslow Capital, is a significant vote of confidence in our work and a huge boost for our future plans.
“We utilise a proven and successful off plan sales model and today’s completion demonstrates the effectiveness of this approach when developing residential schemes.
“We are delighted to be partnering with Maslow Capital again on what will be our first major development in Manchester.”
Ellis Sher, co-founder and CEO of London-based Maslow Capital, said: “This is another fantastic partnership with Legacie Developments who we have supported across two large scale transactions to date.
“We are delighted to continue this partnership with the funding of Merchant’s Wharf, which is being constructed with both the end user and investor in mind.”
