Eldridge and Starwood Capital loan €229m for London resi project

Eldridge Real Estate Credit, part of Eldridge Capital Management, and Starwood Capital affiliates have jointly provided a £193.5 mln (€229.1 mln) loan to Ballymore Group and Penta Real Estate.

The Capston - Embassy Gardens

The loan will be used to fund the development of The Capston, a residential project located on the south bank of the River Thames in London’s Nine Elms area.
The Capston will feature 247 apartments, ranging from one- to three-bedroom layouts. Residents will have access to a range of amenities, including a sauna, steam room, hydro pool, modern fitness centre with virtual classes and personal trainers, a business lounge, a private cinema, 24/7 concierge service, a library, co-working spaces, and a dining area with a cocktail bar, lounge, terrace, banquette seating, and a private chef’s kitchen.
Graham Keable, managing director at Eldridge Capital Management, said: “We believe The Capston represents the absolute best of the residential market — offering its community access to unparalleled amenities, thoughtful design, and an elevated living experience.”
Harvey Sandhu, senior VP, Real Estate Debt at Starwood Capital, stated: “We are delighted to support Ballymore and Penta. The Capston exemplifies the type of high-quality, thoughtfully designed project that aligns with our strategy of financing best-in-class sponsors in markets with strong long-term fundamentals.” 
Robet Mulryan, Group Corporate Finance & Investment director at Ballymore Group, commented: “We are extremely proud to deepen our existing relationship with Eldridge and Starwood Capital. The Capston is a remarkable building and represents the final chapter of Ballymore’s nearly twenty-year journey in Embassy Gardens.” 
Pavel Streblov, managing director at Penta Real Estate, added: “We are glad to have secured development financing for The Capston from such strong and respected institutions as Eldridge and Starwood Capital. This financing underscores confidence in our joint project and marks an important step toward expanding our presence in London.”