Riverstone, a developer and operator of retirement living in prime London locations, has secured a £219 mln (€263 mln) senior loan facility for its Riverstone Kensington residence.
The funding, provided by European alternative investment manager Cheyne Capital, represents the UK’s largest single asset debt deal in the later living sector.
It follows the £99 mln (€118 mln) facility provided last year by Cheyne to Riverstone for its Fulham Riverside residence, due to open in H2 2022.
Filippo Alessandria of Cheyne Capital said that the firm was particularly supportive of Riverstone’s sustainability plans, ‘in terms of both the environment and local community engagement, and, to reflect this, have agreed ESG-related ratchets in our loan terms.’
Riverstone’s chief financial officer Simon Loveridge commented that the company is ‘focused on delivering residences that are at the forefront of sustainable innovation’, a model ‘set to experience further demand over the coming years in the UK as its over 65s population continues to grow.’
The Riverstone Kensington project consists of 190 one, two and three-bedroom apartments, just a few blocks from Holland Park and Kensington High Street.
Riverstone is also developing three major sites - Fulham Riverside (161 apartments); Royal Warwick Square in Kensington (190 apartments); and The Bishops Avenue next to Hampstead Heath (93 apartments) – in addition to a pipeline of further sites.
With the feel of a members’ club, Riverstone’s residences feature amenities such as a spa, pool, restaurant, cinema and concierge services as well as on-site professional care to residents.
