Cain International has secured a £188m refinancing for the residential component of The Stage mixed-use development in London from Macquarie Capital.
The development, which is being delivered by Cain and joint venture partners McCourt Partners, Galliard Homes, Vanke, and Investec, sits in the heart of Shoreditch on the site of Shakespeare’s historic Curtain Theatre.
The 37-storey residential tower comprises 412 apartments, a luxury sky terrace, an underground amusement arcade and an array of lifestyle amenities.
Jonathan Goldstein, chief executive officer of Cain International, said: “This new agreement with Macquarie Capital is a strong endorsement of the quality and unique appeal of The Stage’s residential offer, as well as the ongoing resilience of premium residential developments that are well-located in popular urban centres.
“While the past few years have brought about significant changes in how we occupy and value different types of real estate, the appetite of leading global investors for dynamic investment opportunities has remained strong and we look forward to continuing our strategy for The Stage with Macquarie Capital.”
Alexi Antolovich, global co-head real estate at Macquarie Capital Principal Finance, added: “We are pleased to have worked alongside Cain and the wider investment consortium to provide a tailored financing solution for this high-quality residential development.”
Claudio Sgobba, senior director at JLL Debt and Structured Finance, which advised Cain on the transaction, said: “We are pleased to have advised the Cain led sponsorship in navigating a complex refinancing and grateful to Baptiste Boye-Møller, Alexi Antolovich, and Sam Harvey of Macquarie Capital Principal Finance for their financing support”.
