The deal paves the way for Vermont Construction to start work on the 34-storey tower, which will contain nearly 400 flats.

X1 Michigan Towers is an iconic development at the very heart of the MediaCityUK.

The site is located on Michigan Avenue, near the Broadway Metrolink stop and will see up to four main towers built over the next seven years, the largest rising to 46 storeys. In all the scheme will provide over 1,300 homes.

Planned multi-coloured Michigan Towers scheme next to MediaCity

The 36-month loan facility is being supplied by alternative lender London Wall.

Nick Sweeney, CEO at X1 Developments, said: “Manchester and Salford have both acted as a blueprint for city centre living in the UK, with demand continuing to soar for residential development as the region continues to go from strength to strength.

“Our plans for Media City have been long in the making, and with the backing of London Wall we look forward to progressing our vision for the area in the years to come.”