Developer Quintain has completed the refinancing of a build-to-rent building at Wembley Park, north-west london, with a £128.7m green loan from Natixis Corporate & Investment Banking.
The loan represents a significant deleverage on the existing facility and refinances out Cheyne Capital, which provided the original development financing and remains involved in other financings across Wembley Park.
The Robinson is arranged across three blocks comprising 458 homes including 63 discount market rent and affordable units, ranging from studios to four-bedroom apartments.
The development is managed by Quintain Living and is located in the Eastern Lands at Wembley Park next to the National Stadium and adjacent to Quintain’s Canada Gardens.
Quintain was represented by A&O Shearman; BCLP acted for Natixis CIB.
Philip Slavin, chief financial officer at Quintain, said: “The Robinson is an exemplar, stabilised BTR development at Wembley Park and its position within one of London’s most recognised new neighbourhoods has enabled us to achieve competitive terms for this refinance. This reflects both the sector and the neighbourhood’s desirability in real estate lending.
“We are particularly delighted to achieve green loan status with Natixis CIB and be recognised for our ongoing commitment to sustainable development. The new facility consolidates our existing debt exposure and strengthens our balance sheet to ensure a stable platform for ongoing excellence at our Wembley Park site.”
Diego Sanfilippo, head of real estate and hospitality UK, at Natixis CIB, added: “We are pleased to have partnered with Quintain in the green financing of the Robinson in Wembley Park, an environmentally friendly BTR property with strong long-term ESG fundamentals.
“This deal showcases both our firm commitment to support our clients and our proven expertise in delivering tailored solutions for high-quality assets in prime locations and clearly represents a stepping-stone to our real estate lending franchise in UK.”
Photo © Chris Winter Photography
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