A retail and residential development that will see 500 "state-of-the-art" apartments in Liverpool's Baltic Triangle has received a £20m finance deal from lender Maslow Capital.
The £90m Parliament Square scheme will see the flats built across four blocks. According to Legacie Developments, the Parliament Square scheme will see a public space with restaurants, shops and a gym for residents.
Legacie, which has led a number of residential schemes in the city, including Renshaw Street’s Ropemaker Place and Water Street’s Reliance House, said the funding from Maslow Capital "underlines confidence in the company as an emerging developer".
John Morley, founder of Legacie Developments, said: “The significant financing we have secured from Maslow Capital is a massive vote of confidence in our work and a major boost for the prestigious Parliament Square development.
"This is exciting news for Legacie Developments and underlines our position as an emerging powerhouse in the construction and development industry.
"The confidence shown in us from Maslow allows us to take a further step forwards delivering a world-class development that enhances Liverpool’s position on the residential map.
"It is a huge moment as it allows us to grow even further. It is great to be working with Maslow Capital and also Alex McCann at Hill Dickinson who helped facilitate the deal.”
Legacie Developments said the site will "transform the area" around Liverpool’s Parliament Street and improve the gateway into the Baltic and wider city centre.
Chris Blowers, Maslow Capital co-founder, said: “Legacie Developments have a track record of delivering high specification, quality residential developments. This, coupled with Liverpool’s economic growth and appeal as a destination to live and work in recent years, made the funding of this development extremely attractive.
"We are looking forward to a strong working relationship with Legacie on the delivery of this project.”
Works to Parliament Square are expected to be complete by summer 2021.
Maslow's website lists a portfolio of developments across the UK, from Bristol to Edinburgh.
In January, Liverpool developer Elliot Group announced that Maslow, which was the preferred debt funder for two of its major city projects, had pulled out of those schemes.
That led Elliot to ask investors in two prominent city schemes to make payments over a year earlier than planned, threatening to collapse the delayed projects if they failed to do so.
