Cheyne Capital is lending £219 million to Riverstone, which provides residential property in premium London locations for people of over 65 years.
The senior finance facility will be used for a development in Kensington and represents the UK’s largest single asset debt deal for the later living sector, according to Cheyne.
Riverstone Kensington is at Royal Warwick Square and will comprise 190 one, two and three-bedroom apartments and will welcome its first residents this year. Announced in July 2019, it is being developed by St Edward.
The financing follows a year after Cheyne provided Riverstone with a £99 million facility for its Fulham Riverside residence, which is due to open in the second half of 2022. Riverstone Fulham will have 161 one, two and three-bedroom apartments and was acquired in 2018 from Barratt London and London & Quadrant. Riverstone’s residences include amenities such as a spa, pool, restaurant, cinema and concierge services as well as on-site professional care, when it is needed.
“The model, which has seen great success internationally, is set to experience further demand over the coming years in the UK as its over 65s population continues to grow. Riverstone’s proposition is ideally placed to meet increasing demand,” said Simon Loveridge, Riverstone’s chief financial officer.
Earlier this month Riverstone announced the acquisition of its third residence, on Bishops Avenue, near Hampstead Heath in north west London. The company acquired a 2.5-acre site and will build a 230,000 sq ft project with an all-electric energy strategy targeting a net zero carbon plan.
Author: Paul Strohm