Maslow Capital has provided a £65m development loan to Torsion Developments to support the delivery of a build-to-rent scheme in Leeds.
Flax Place will bring 300 new apartments to a vacant brownfield site just east of the city centre and will feature two towers of 9 and 14 storeys, connected by a shared podium. It will include communal lounges, co-working spaces and on-site leisure amenities.
Construction began in Q4 2024 and practical completion is expected in April 2027.
Demonstrating strong institutional interest, the scheme will be forward sold to Starlight Investments.
While Leeds’ BTR market is growing, it remains relatively underdeveloped, with penetration at 5.5% of the private rented sector — expected to rise to 9.1% when current schemes complete — still trailing more mature markets such as Manchester (25%) and Birmingham (15%).
This marks Maslow Capital’s third project with Torsion Developments in Leeds. Previous financings include a £57m facility for a 367-flat BTR scheme nearby and a £54.4m loan for a build-to-sell joint venture with CityLife.
Capital advisory firm GLPG acted on behalf of Torsion Developments throughout the funding process.
Emma Burke, managing director, development finance at Maslow Capital, said: “Flax Place will play a vital role in narrowing Leeds’ acute housing shortfall while offering residents best-in-class amenities. Maslow Capital remains committed to providing the flexible capital that drives quality housing where it is needed most.”
Image © Torsion Group
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