Almost 20m of funding has been secured to complete a key Liverpool residential scheme.
Liverpool property developer, Nexus Residential, has announced a £ 19.5m funding injection from London-based Maslow Capital, to deliver its Baltic Triangle apartment scheme.
The development finance will help complete the construction of One Baltic Square – a flagship 296-unit development on the edge of the city’s up and coming Baltic Triangle area.
In March last year Nexus announced the acquisition of One Baltic Square from YPG Developments, for an undisclosed sum.
The centerpiece of the project will be a square comprising an outdoor space for the use of residents that is being styled around a typical Italian piazza, delivered at a cost of £ 1m.
Completion of the first blocks is expected by the end of 2022. The company is partnering with Legacie Contracts, the construction arm of Liverpool’s Legacie Developments, which is driving forward construction on the site.
The scheme is being promoted by the international sales agent, RWinvest which has successfully pre-sold all the new homes off-plan.
Nexus Residential managing director Michael Gledhill said: “One Baltic Square is our standout residential development in Liverpool and will bring much needed high quality homes to an increasingly popular part of the city.
“It has been a pleasure to work with Maslow and their professional origination team in completing the funding of this project.”
He added: Maslow is a prestigious name and having them support this project and city is a significant vote of confidence. We are looking forward to completing this development and welcoming our first residents later this year. ”
Sky Mapson, deal origination at Maslow Capital, said: “Nexus Residential is a highly experienced property developer with a proven track record of delivering high quality schemes across Liverpool.”
Rachael Gordon, head of deal execution at Maslow Capital, said: “It has been a pleasure working with Nexus Residential on the funding of this scheme as they move forward with their plans to deliver an exemplary scheme in an area which is undergoing significant regeneration.
“We are pleased to support the local supply of housing with a further 296 high quality units and we look forward to working alongside Nexus Residential as the project progresses.”