Cheyne Capital Management has supplied a £122.8m loan to pan-European real estate investment manager Mark, to refinance the mixed-use scheme at Borough Yards, SE1.
The new loan refinanced existing borrowing following practical completion and partial lease-up.
The Borough Yards development, which is adjacent to Borough Market, offers a combination of leisure, office and retail space.
The site, which has been regenerated as part of the development, includes more than 50 retail units underneath the Victorian arches area of London Bridge, plus an Everyman cinema. It also has two BREEAM Excellent office buildings operated by the Office Group, that are both fully let.
Since the site’s launch in spring 2022, Mark has leased 75% of the scheme by lettable area, to additional occupiers including Alain Ducasse, Vinoteca, Barrafina and Brother Marcus.
Filippo Alessandria of Cheyne Capital Real Estate said the company is, “mostly sector agnostic” and focuses “on lending against quality real estate projects and sponsors who have a proven track record and capabilities to deliver on their business plan”.
He added: “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.”
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