Downing plans to build a development of 1,790 apartments for rent across three buildings up to 45 storeys in Manchester’s First Street.
Precede Capital and Japanese bank Nomura have approved a £227m loan to finance the construction of First Street.
Completion of phase one is scheduled for August 2024, with phase two scheduled for delivery in March 2025.
George Downing, founder of the Downing group of companies, which owns Downing Living, said: “We are delighted to be working with Precede Capital and progressing another landmark scheme for the city of Manchester. Our First Street development will complete the long-awaited transformation of a key site at the southern gateway to what is one of Europe’s most exciting and progressive cities.”