Marstead Living has secured mortgage finance from Federated Hermes Private Credit, in a deal advised by Deloitte, enabling the purchase completion of a c. 73-ha site in London’s Mill Hill, in the Borough of Barnet, to create a new 175-home retirement village set in over c. 40.4ha of gardens and landscaped grounds with an estimated GDV of c. €304.2m.
Marstead Living has been granted full planning permission and signed a Section 106 agreement with the London Borough of Barnet and the GLA for their new retirement scheme known as Marstead Mill. The project consists of 175 one-, two-, and three-bedroom apartments specifically designed for residents aged 65 and above. The development will also include a community centre, park café, and a c. 28-ha public green open space. Construction is expected to begin by the end of the year, with full completion anticipated in 2027.
Designed by Barr Gazetas Architects, it features lifestyle amenities such as a residents' lounge, concierge, restaurant, a health and wellbeing centre, and a garden pavilion. The project prioritizes sustainability and social values, including energy strategy and increasing green space. Marstead Mill will pioneer the use of a 'Righthold' tenure in the UK, with residents buying a lifestyle product. The loan provided by Federated Hermes Private Credit solidifies Marstead Living's commitment to realizing its ambitious project.
Vincent Nobel, Head of Asset-Based Lending at Federated Hermes Ltd. said: “We are pleased to provide debt funding to Marstead Living for their landmark UK retirement community. This funding reflects our belief in the strength of their vision and the viability of Marstead Mill as a premier retirement community.”
Mark Alper, Founder and CEO at Marstead Living said: “We are delighted by the support and confidence shown by Federated Hermes. This milestone represents a significant step forward for Marstead Living and underscores our unwavering commitment to redefining retirement living in the UK. With this financing provided by Federated Hermes Private Credit, we can progress our vision for Marstead Mill and set new benchmarks for excellence in the sector. We are excited to embark on this journey, knowing that our innovative approach and dedication to quality will transform the way people experience integrated retirement communities.”
Image provided by Lawrence PR.
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