Maslow Capital has completed a £136.8 million refinance for two residential towers, the North and East Towers, located at Circle Square in Manchester. This facility is secured against the buildings on the Oxford Road corridor.
The refinance enables Vita Group to repay existing debt and acquire its joint venture partner's interest in both towers, bringing them into full ownership. It also supports the phased sale of 487 completed and let apartments, alongside 14 ground-floor commercial units.
Vita Group is selling the apartments as furnished, income-producing investments, reporting demand from both UK and international buyers. The buildings, which reached practical completion in 2021, include amenities such as 24-hour concierge services, private dining rooms, a cinema room, and communal lounges. The North Tower also features a gym and co-working space.
Matt Pigram, senior director of origination at Maslow Capital, noted that the facility provides Vita Group with the flexibility to refinance, take full ownership, and continue executing its strategy, with rental income servicing the debt during the sales programme.