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The regeneration of Regent’s Crescent in Marylebone, London — a historic, Grade I listed building originally designed by architect John Nash — has received huge financial backing for a 76-unit residential development.
A syndicate of five lenders based in the UK and the Middle East has provided £250 million of senior debt to the borrower — a consortium of institutional and ultra-high-net-worth investors based in Europe and the Middle East, including Rassmal Investments and Venture Capital Bank. An additional £100m of mezzanine capital has also been secured from several lenders in the US and the Middle East.
With planning permission for the complete reconstruction of the site previously obtained by developer Great Marlborough Estates, work is now underway. In a statement made about the development in 2017, Grant Lipton — Great Marlborough Estates co-founder — commented: “It’s about bringing life back to the building…It was rebuilt in the 1960s and a lot of the original features weren’t necessarily put back. Internally, there is a heritage play as well.”
HFF acted on behalf of the borrower, with a team led by managing director Claudio Sgobba and director Andrew Hornblower, who says: “We are thankful to have assisted the sponsorship in navigating a complex capitalisation with nine distinct capital providers, ultimately reaching a very successful outcome for all parties involved.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.