Following the completion of groundworks and foundations, the facility will provide working capital for the next phase of the development in Eccles.

IPG took over the development in 2020 after the previous developer went into administration.

The developer is now repurposing the building into 82 residential properties with a mixture of one-, two-, and three-bedroom apartments, as well as a small retail space with select residential units having access to views across the Peak District and Pennines.

All units have been purchased leasehold after they were released for investment in February 2023, with the first expected completion date set to be within Q1 of 2024.

The Grade II listed building has spent time as a theatre, cinema and a bingo hall, and is being restored in line with English Heritage expectations.

•   Hilltop launches real estate funding and management platform
•   Maslow Capital completes fund-raise for SME developers
•   Maslow Capital funds £26m residential scheme in Salford

Mitchell Walsh, MD at IPG, said: “Securing this loan marks the next step in turning what could have been a disaster into a positive situation with this development.

“As we took this project over from another developer that had entered administration, there has been additional legal challenges to secure this loan.
 
“We are delighted to have overcome these challenges – this facility enables us to swiftly continue construction and make progress towards completing on budget, and on time in Q1 of 2024.

Sky Mapson, director of deal origination at Maslow, said: “The development plan presented by IPG showcased a strong commitment to preserving the historical elements of the property, while simultaneously incorporating new construction and sustainable energy elements.”
 
Rachael Gordon, head of deal execution at Maslow, added: “The project's focus on creating affordable housing and rejuvenating a Grade II listed building that had fallen into despair, aligns well with our values of enhancing local communities.”