Finance provider backs major city residential scheme with £54.4m loan
A joint venture between City Life and Torsion Group has secured a £54.4m development loan from Maslow Capital, with further funding provided by Zenzic Capital, to support delivery of a 32-storey residential tower in Leeds.
Sky Gardens will turn a 0.93-acre brownfield site on Water Lane, South Bank – including a Grade II-listed former mill – into hundreds of homes.
Once completed, the scheme will comprise 306 homes across a 32-storey tower and a three-storey refurbished mill.
The apartments will range from studios to three-bedroom homes, catering to diverse resident needs.
On-site amenities will include a gym, a cinema room, a residents reception lounge, and a “Sky Garden” on the tower’s top floor
The development will also feature two commercial units totalling 3,907 sq ft.
As part of the scheme, the existing Grade II-listed mill will be integrated into the wider design as part of a three-storey block housing 22 residential units.
This transaction, introduced to Maslow Capital by Grey Arrow, an international banking consultancy, marks the continuation of a strong relationship between Maslow, CityLife, and Torsion, both repeat borrowers.
Maslow previously provided a £32.8m development loan for CityLife’s 223-unit Springwell Gardens project in Leeds and supported Torsion with a £55m facility for its 367-apartment residential project in the city.
Collectively, Maslow has financed £142.2m in loans across all three projects, supporting the delivery of 896 residential units in Leeds.
Matt Pigram, senior director, origination at Maslow Capital, said: “CityLife and Torsion Group bring extensive expertise to this project, and we are confident their combined vision will drive the scheme’s success.
“This £54.4m facility deepens our partnership with both developers, bringing our total support to a combined 896 homes across three major Leeds projects – an effort that underscores our commitment to addressing the region’s ever-growing need for high-quality housing.”
David Worsley, COO at Torsion Group, said: “We’re proud to be part of this joint venture, bringing together a highly experienced delivery team including investment, construction and development management expertise.
“In partnership with CityLife, we are fully committed to providing Leeds with a best-in-class development which is designed and constructed with placemaking and ESG at the heart of the concept.”
Nadine Buckland, CEO & co-founder of Zenzic Capital, said: “We were very pleased to support this landmark scheme in Leeds city centre.
“It enables us to build upon our existing strong relationship with the Torsion Group and enter into a new one with CityLife.”
Gareth Morgan, managing director at CityLife, said: “Leeds has always been a city of ambition and reinvention, and Sky Gardens embodies this spirit.
“This project allows us to preserve an extraordinary piece of our industrial history while offering modern, sustainable living that meets the needs of today’s residents.”
John Marriott, of Grey Arrow, added: “We are pleased to continue our journey with Maslow Capital, collaborating on another leading regional development.
“Their innovative, adaptable, and solutions-led approach ensures they remain the market leader for developments of this size for the serious property developer.”
