Cain International (Cain), alongside McCourt Partners, Galliard Homes, Vanke, and Investec has secured a c. €220m refinancing for the residential component of The Stage, a landmark mixed-use development in the heart of Shoreditch, entirely from the balance sheet of Macquarie Capital.
The 37-storey residential tower, built on the site of Shakespeare's historic Curtain Theatre, consists of 412 apartments, a luxury sky terrace, and a state-of-the-art underground amusement arcade.
Cain announced the appointment of the world-renowned creative studio, Bompas and Parr, last year. The studio will be responsible for delivering the Museum of Shoreditch, which will be situated at the development's centre. The project will be carried out in collaboration with the Museum of London Archaeology (MOLA) and Historic England. The site also includes two office buildings and more than 5,574m2 of retail and leisure space.
JLL's Debt and Structured Finance team provided advisory services to Cain throughout the transaction.
Jonathan Goldstein, Chief Executive Officer, 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.”
Claudio Sgobba, Senior Director, JLL Debt and Structured Finance 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,”
Alexi Antolovich, Global Co-Head Real Estate, Macquarie Capital Principal Finance said: “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.”
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