HFF Real Estate Limited (HFF) has announced the £350 million ($448 million) financing of Regent’s Crescent, a 76-unit marquee residential project in Marylebone, London.
Originally designed by famed Buckingham palace architect John Nash, Regent’s Crescent is the only Grade I-listed asset in the United Kingdom to have received approval for a complete reconstruction, a process that is under way and will provide the area with a fully restored piece of English history.
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 Venture Capital Bank and Rassmal Investments.
The financing includes £250 million ($320 million) of senior debt, which was provided by a syndicate of five lenders based in the United Kingdom and the Middle East. Additionally, £100 million ($128 million) of mezzanine capital was funded by various parties domiciled in the United States and the Middle East. The entire financing was structured as Sharia compliant through multiple Commodity Murabaha agreements.
