Cain International has secured a £390m development loan for the Stage, its £750m mixed-use project in Shoreditch, EC2.
Coordinated by lead arranger Lloyds Bank Commercial Banking, which is also providing £97.5m of the debt, the loan includes £97.5m of funding from Investec and £97.5m from Harel. The remainder is being provided by Bank of East Asia and the London branch of Chinese lender Bank of Communications.
READ MORE: Cain International confirms WeWork pre-let at the Stage
The loan will replace an original financing provided by Investec when the site was acquired, while also funding ongoing construction activity until the project’s completion in around three years’ time.
Set around the excavated and preserved remains of Shakespeare’s Curtain Theatre, which will be the location of an international visitor centre, the Stage will comprise more than 400 new homes, 33,000 sq ft of retail and leisure space including restaurants and cafés, an Equinox health club and 186,000 sq ft of office space, which has been pre-let to WeWork.
Residents and tourists will also benefit from over an acre of vibrant public space including a performance area and a park.
Cain International is leading the consortium of investors in the Stage which includes McCourt Global, Galliard Homes, Vanke, Investec and The Estate Office Shoreditch.
Jonathan Goldstein, chief executive of Cain International, said: “With elements of uncertainty in the UK market at the moment, it is encouraging to see continued confidence from domestic and overseas investors backing experienced sponsors on high-quality schemes in central London locations.”
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