Development property finance specialist Wellesley has provided £39.9m funding for the completion of a 368-apartment building Downtown, in Manchester.
All of the apartments in the development by the McGoff Group have now been sold with occupancy of phase one, which comprises 160 apartments, planned for March 2019, and the early commencement of construction on phase two, which comprises 208 apartments, will start imminently.
Chris McGoff, director at the McGoff Group, said: “The success of Downtown has been superb both in terms of sales and construction and it was fitting to invite the team from Wellesley to the topping out event on the roof, giving them the chance to see the impressive progress made on site.
“Their continued support means we can start the build of phase two immediately, which means completion will be approximately nine or 10 months sooner than expected. With all apartments sold, the excellent design and prominent site of Downtown on the banks of the River Irwell have delivered a truly prestigious riverside residential development.”
Graham Wellesley, founder and chief executive officer at Wellesley, adds: “Downtown is a high-quality, aspirational apartment scheme and the impressive pace of sales fully supports this. Working with the McGoff Group on this project has been a pleasure and it was a privilege to attend the topping out event.
“Since 2007 property developers have found it increasingly hard to secure funding from banks and building societies. As a specialist alternative lender, we work hard to fill this gap, providing flexible lending packages that meet their needs.”