Eldridge Capital Management’s real estate investing arm and Starwood Capital have issued a £193.5m (€220.2m) loan to Ballymore Group and Penta Real Estate to fund a UK residential development.
The loan finances Capston, a residential riverside development situated on the south bank of the River Thames in London’s Nine Elms neighbourhood. The 247-apartment project includes a fitness centre, cinema and business lounge with co-working spaces.
Graham Keable, managing director at Eldridge Capital Management, said: “We believe The Capston represents the absolute best of the residential market — offering its community access to unparalleled amenities, thoughtful design, and an elevated living experience.
“As we enter into our sixth partnership with Starwood Capital, we look forward to building on our existing relationship to deliver another premier development that sets a new standard for modern luxury.”
Harvey Sandhu, SVP, real estate debt at Starwood Capital, said: “We are delighted to support Ballymore and Penta. The Capston exemplifies the type of high-quality, thoughtfully designed project that aligns with our strategy of financing best-in-class sponsors in markets with strong long-term fundamentals.”
Robert Mulryan, group corporate finance and investment director at Ballymore Group, said: “We’re extremely proud to deepen our existing relationship with Eldridge and Starwood Capital. The Capston is a remarkable building and represents the final chapter of Ballymore’s nearly twenty-year journey in Embassy Gardens.”
Pavel Streblov, MD at Penta Real Estate, said: “We are glad to have secured development financing for The Capston from such strong and respected institutions as Eldridge and Starwood Capital.
“This financing underscores confidence in our joint project and marks an important step toward expanding our presence in London.”
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