UK retirement living developer Riverstone has secured its third development loan from Cheyne Capital Real Estate, receiving £143m (€168m) for its latest London project.
The Cheyne Capital loan will fund The Bishops Avenue, consisting of 93 apartments in Hampstead Heath, North London, and follows the first loan for the Fulham Riverside scheme in 2021, and the second for the Riverstone Kensington development in 2022.
Filippo Alessandria of Cheyne Capital said: “We are very pleased to continue supporting Riverstone with their development of best-in-class later-living schemes following the success of the Fulham and Kensington residences.
“We particularly celebrate Riverstone’s focus on sustainability, and we look forward to seeing the entirely fossil fuel-free development on The Bishops Avenue come to life.”
John Clark, Riverstone chief financial officer, said: “The demand for new and innovative later-living options continues to grow across London, and we are very pleased to be further strengthening our relationship with Cheyne Capital, who share our vision to deliver exceptional residences in prime London locations.
“Our continued focus is to develop residences that are at the forefront of sustainability with strong social value credentials working with the local community. We look forward to opening Riverstone Bishops Avenue in 2025.”
To read the latest IPE Real Assets magazine click here.
