Global alternative asset manager Cheyne Capital Management has provided a £122.8 mln (€138 mln) senior loan to Mark to refinance a newly developed, mixed-use scheme known as Borough Yards in south London.
The loan provided was used to refinance the existing lender group following practical completion and partial lease-up.
Borough Yards sits in a prime location adjacent to Borough Market and provides leisure, office and retail space. The new scheme includes over 50 units nestled underneath Victorian arches, an Everyman cinema and two fully let office buildings – operated by The Office Group - with BREEAM “Excellent” ratings.
Since the grand launch in Spring 2022, Mark has leased 75% of the scheme by lettable area, with occupiers including TOG, Everyman cinema, Alain Ducasse, Vinoteca, Barrafina and Brother Marcus.
Filippo Alessandria of Cheyne Capital Real Estate said: ‘At Cheyne we are mostly sector agnostic, focusing instead on lending against quality real estate projects and Sponsors who have a proven track record and capabilities to deliver on their Business Plan. The new Borough Yards scheme brings to London Bridge a uniquely designed mixed-use destination, underpinned by unparalleled footfall from nearby Borough Market and Tate Modern. All this is evidenced by the impressive leasing activity at the scheme. We look forward to working with MARK on this exciting project.’
