£47million – Northwest England

The Rochdale Road development, located close to Manchester’s main shopping area and the Northern Quarter, and will see the creation of 77 one-bedroom, 149 two-bedroom and 11 three-bedroom apartments.  Construction is already underway and is expected to be completed in early 2026.

The development will be Puma’s eighth with the McGoff Group, and will provide much needed rental supply in the area, as the sector struggles to keep up with huge levels of tenant demand amid intensifying mortgage affordability pressures and the continued exodus of private landlords from the market1. According to RICS’ most recent UK residential market survey, tenant demand has risen +44%, while landlord instructions have fallen -23%, resulting in an acute lack of available rental accommodation options.

The loan marks Puma’s largest to date, and is a clear illustration of the lender’s ongoing belief in the long-term strength of the UK Build-to-Rent and co-living markets.  Alongside the development loan, Puma is also providing a stabilisation facility to support the bringing of the asset to maturity post-completion.