Puma Property Finance has provided a £50m facility to McGoff Group for a new 237-home build-to-rent scheme in Manchester.
The development, known as Downtown Victoria North, is located on Rochdale Road, close to Manchester’s main shopping area, Ancoats and the Northern Quarter.
The scheme will see the creation of 77 one-bedroom, 149 two-bedroom and 11 three-bedroom apartments. Construction is already under way and is expected to be completed in early 2026.
The loan marks Puma’s largest to date and, alongside the development loan, it is also providing a stabilisation facility to support the bringing of the asset to maturity post-completion.
Tony Throp, director at Puma Property Finance, said: “The imbalance between supply and demand in the UK rental market is well known, with many people having to push back home ownership aspirations because of higher interest rates and unaffordable property prices, and private landlords also leaving the market.
“Meanwhile, renters are desiring higher standards of living than previously. The BTR sector therefore has a critical role to play in bridging this gap.”
Paul Frost, managing director at Puma Property Finance, added: “As the largest loan that Puma Property Finance has provided to date, nothing could better demonstrate both our belief in the strongly underlying fundamentals of the BTR sector as well as our commitment to funding all parts of the UK, not just the traditional London and South East heartlands.”
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