The £85m GDV Embankment Exchange scheme will consist of two towers and will deliver a total of 303 residential apartments.

 Legacie acquired the site out of administration in 2021 for £12m.

Work has restarted on the development, and the majority of the units have already been sold.

Exit will be through sale of the units.

Morley, chief executive at Legacie Developments, characterised the development as a “significant” one for Legacie.

“I’m looking forward to pressing full steam ahead to deliver hundreds of quality new homes for Salford.

“ICG’s investment will help us bring new life to an important part of a key Salford regeneration zone – unlocking jobs, training opportunities and local economic growth,” he said.

•   Hilltop launches real estate funding and management platform
•   Chris Blowers to leave Maslow
•   Maslow Capital deploys £20m loan for Legacie Developments' mixed-use scheme in Salford Quays

Jai Patel, managing director at ICG Real Estate, added: “We are pleased to be supporting Legacie with this exciting development in the Greengate district of Salford.

“Manchester’s economic growth and strong employment market has led to the continuing need for city centre residential.”

James Thomlinson, co-founder of Voltaire Financial, said: “This is a very exciting but also very complex scheme that John has secured.

“His resources and track record were fundamental in getting Jai and his colleagues at ICG comfortable with the various considerations.

“We are confident this can be the first of a number of transactions that the parties can work together on and we are grateful to ICG for their support in delivering for an important client of Voltaire and building on our long relationship of successful financings.

“With the right risk mitigation, stalled development schemes present an interesting opportunity for entrepreneurial developers over the coming years, and lenders such as ICG understand this."