Cain and Starwood agree on €621m loan to Canary Wharf Group for the development of Wood Wharf
Cain International and controlled affiliates of Starwood Capital Group have agreed on a £535 million (€410 million/$452 million) loan to Canary Wharf Group (CWG) for the next phase of development of its Wood Wharf residential scheme.
Cain and Starwood Capital will each provide half of the £535 million development loan, one of the largest in the United Kingdom in the past 12 months.
Part of the wider Canary Wharf estate, Wood Wharf Phase 3 is a 1,308-home private build-to-rent (BTR) scheme, split across three towers and two buildings, alongside 26,300 square feet NIA (net internal area) of ancillary commercial space. This phase, which includes 295 affordable homes, adds to the attractions of the mixed-use neighborhood in Wood Wharf with its easy access to green spaces and waterside living.
The scheme is a pivotal part of CWG’s repositioning to offer 24/7 living, working, shopping and leisure. Wood Wharf is expected to consist of more than 3,600 new homes in