Manhattan-inspired development secures £40m funding

A Manhattan-inspired residential development on the banks of the River Irwell in Salford has secured a £40m funding package.McGoff has secured the funding boost from development property finance specialist Wellesley Finance for its Downtown scheme. The facility of up to £39.9m in total over a four-and-a-half-year period, which will fund the delivery of the entire project in multiple stages, is believed to be the largest ever debt package issued by the alternative lender.Adding to the McGoff Group’s growing facilities of nearly £100m, Downtown is a Manhattan-inspired development comprising 368 apartments complemented by high-end communal facilities.Founded on private rented sector principles and evolved in association with the Home Office PRS Task Force, Downtown will offer hotel-style communal facilities including landscaped grounds and roof terraces, 24-hour concierge services, cold and dry post rooms, an onsite gymnasium, a business centre and a media room.The project will be built and block managed by the McGoff Group, including its McGoff & Byrne principal contracting division and McGoff Group Facilities Services division.Law firm Fieldfisher has worked on the project from inception to site acquisition.Construction at Downtown is expected to start later in March 2017, with initial phases of project completions taking place during the first quarter of 2019.