Marstead Living has secured mortgage finance from Federated Hermes Private Credit, allowing it to complete the purchase of an 18-acre site in Barnet, London, for the development of a retirement village with an estimated GDV of over £260m.
The scheme, known as Marstead Mill, has full planning permission and a Section 106 agreement signed with the London Borough of Barnet and Greater London Authority. It will be Marstead Living’s first integrated retirement community.
Designed by Barr Gazetas Architects, the project will offer 175 one-, two- and three-bedroom apartments for residents aged 65 and above.
It will feature a residents’ lounge, concierge, restaurant, deli/café open for the community, games rooms and health and wellbeing facilities including a swimming pool, hydrotherapy pool, fitness suite and treatment rooms, and a garden pavilion.
The project will target a net-zero carbon plan and renewables, with the planting of 175 trees, as well as increasing green space and improving biodiversity.
‘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,’ said Mark Alper, founder and chief executive of Marstead Living.
‘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.’
Federated Hermes is a global investment manager with $757.6bn (£615bn) in assets under management as of December 2023.
‘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,’ said Vincent Nobel, head of asset-based lending at Federated Hermes.
Construction is set to start before the end of this year, with full completion expected in 2027. Deloitte advised on the deal.