Savills Capital Advisors has acted as debt advisor to Downing Living for its First Street residential development project in Manchester. The city centre site is situated close to both Deansgate and Oxford Road railway stations.
Once constructed it will include 1,790 multifamily and co-living units, ranging from studio apartments to five-bedroom shared accommodation. Completion of the first phase is scheduled for August 2024, with the second phase due for delivery in March 2025.
A £227m loan has been issued to bring forward the project, with the senior portion having been provided by Japanese bank Nomura and The QuadReal Property Group retaining the junior piece. It is QuadReal Property Group and its new lending partner Precede Capital’s debut loan and has a term of four years.
George Downing, founder of Downing, said: “Our First Street development will complete the long-awaited transformation of a key site at the southern gateway to what is one of Europe’s most exciting and progressive cities.
“First Street itself is part of a wider story of investment and confidence in Manchester, a future-proofed ‘15 Minute City’ where we will offer brilliant options to live, work and play on your doorstep.”
Charlie Bottomley, Director, Savills Capital Advisors, says: “We were delighted to provide debt advice to Downing on this exciting project. By bringing together our debt market experience with our living sector expertise we were able to achieve this excellent outcome for our long-standing client.”
For further information, please visit:
https://www.savills.co.uk/services/finance/capital-advisors.aspx