Sky Gardens will be one of the city's tallest residential buildings. Credit: Maslow

CityLife and Torsion secure £54m loan for Leeds Sky Gardens

Maslow Capital has backed the 306-unit, 32-storey BTS scheme on Water Lane in the city’s South Bank regeneration area.

Located on a one-acre brownfield site, the plot comes with a grade two-listed former mill, which will be refurbished into a three-storey, 22-unit block.

Apartments will range from studios to three-bed, and on-site amenities will include a gym, cinema room, residents reception lounge, and the eponymous Sky Garden itself, located at the top of the tower block and with a 360 degree view of Leeds.

There will also be two commercial units totalling 4,000 sq ft.

The scheme received £2.9m of funding from the West Yorkshire Combined Authority in September 2023.

Zenzic Capital has also provided a £3.2m mezzanine facility.

Both CityLife and Torsion have previously borrowed from Maslow. The capital firm loaned £33m for CityLife’s 223-unit Springwell Gardens project in Leeds and supported Torsion with a £55m facility for their 367-apartment Flax Place resi project.

Collectively, Maslow has financed £142.2m in loans across all three projects, supporting the delivery of 896 residential units in Leeds.

Matt Pigram, senior director, origination at Maslow Capital, commented: “CityLife and Torsion Group bring extensive expertise to this project, and we are confident their combined vision will drive the scheme’s success.”

David Worsley, COO at Torsion Group, commented: “We are delighted to continue our longstanding relationship with Maslow Capital with this being our third transaction following the successful completion The Phoenix and Flax place. 

“Torsion Group is proud to be part of this joint venture, bringing together a highly experienced delivery team including investment, construction and development management expertise.”

Gareth Morgan, managing director at CityLife, commented: “This project allows us to preserve an extraordinary piece of our industrial history while offering modern, sustainable living that meets the needs of today’s residents.”

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