Hill Dickinson acts for Downing in £227m funding deal for Manchester First Street development

Leading commercial law firm Hill Dickinson has acted for Liverpool based developer Downing Living, the residential division of Downing Group, to secure £227 million in backing for a co-living scheme at First Street, Manchester.

The deal will help to deliver a three-building residential development in Manchester, with work well underway at the site. The project is being delivered by George Downing Construction, the developer’s contracting arm, and will create an urban residential village in the heart of Manchester with a focus on creating a community-centric neighbourhood for residents to thrive.

George Downing, founder of the Downing Group, said: “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. First Street itself is part of a wider story of investment and confidence in Manchester, a future-proofed ‘15 Minute City’ where we will offer brilliant options to live, work and play on your doorstep.”

Hill Dickinson banking partner Richard Capper, assisted by legal director Rebecca Layton, senior associate Jordan Clarke and apprentice solicitor Becky Kirkham, led on the deal, handling the banking aspects on behalf of Downing Group.

Richard Capper said: “Hill Dickinson has vast experience in handling large financing transactions for the development of mixed-use accommodation and we were delighted to work on behalf of Downing Group in securing backing for this impressive scheme. This development will create over 2200 bedrooms split across a mix of accommodation types and price-points and represents a significant addition to the group’s increasingly diverse property portfolio.”

Completion of the phase one development is scheduled for August 2024, with phase two scheduled for delivery in March 2025.