Cheyne Capital has completed a £99m loan for senior living developer Riverstone.
The facility is thought to be one of the largest single asset financings for the sector and will support development of 161 flats at Riverstone Fulham.
Filippo Alessandria at Cheyne Capital said: “With Covid-19 having accelerated a multitude of irreversible trends in the way we live and work, there will continue to be a shift in the way real estate assets are used.
“Identifying strong sponsors who can provide solutions to areas of growing demand continues to be a key focus for us, particularly in identifying senior-lending opportunities in value-add or development assets.”
Riverstone aims to emulate the feel of a members’ club, and residents have access to a spa, swimming pool, gym, restaurant, bar, hairdressers, housekeeping services, chauffeurs and a cinema, as well as on-site and in-flat private healthcare.
It has two schemes in Fulham, SW10, and Kensington, W8, due for completion in 2022, and aims to grow this to more than 10 sites.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
