Commercial real estate capital intermediary HFF Real Estate (HFF) has completed the £350 mln ( €393 mln) financing of Regent’s Crescent, a 76-unit marquee residential project in Marylebone, London.
The HFF team worked on behalf of the borrower, a consortium of institutional and ultra-high-net-worth investors based in Europe and the Middle East. Key principals of the borrower include Bahrain-based Venture Capital Bank and Rassmal Investments. The financing includes £250 mln of senior debt, which was provided by a syndicate of five lenders based in the UK and the Middle East.
Additionally, £100 mln of mezzanine capital was funded by various parties, domiciled in the US and the Middle East. The entire financing was structured as Sharia Compliant through multiple commodity murabaha agreements.
The HFF debt placement team representing the borrower was led by managing director Claudio Sgobba and director Andrew Hornblower.
'HFF is thrilled to have been involved with such a unique, historic transaction and looks forward to seeing Regent’s Crescent take its place as one of the truly special residential assets in London,' said Sgobba.
Originally designed by Buckingham palace architect John Nash, Regent’s Crescent is the only Grade I-listed asset in the UK to have received approval for a complete reconstruction, a process which is currently underway.
'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,' Hornblower added.