North Wind Capital extends £29.5 million senior loan to fund Fenton Whelan’s Belgravia redevelopment

London – October 2024:  North Wind Capital (“NWC”), the UK-based asset manager with a European presence, extended a £29.5 million senior loan to Fenton Whelan, the high-end London residential developer, to finance the acquisition and redevelopment of 17 Belgrave Square.

NWC extended a 32-month £29.5 million senior loan and syndicated part of this debt to Topland, the leading UK real estate structured finance provider founded by Sol Zaklay. Banor Capital’s Special Situations Fund II, the regulated fund manager headquartered in Italy, provided a £28 million mezzanine facility, funded by issuing Eurobonds. Proceeds from the mezzanine facility will pay ongoing development costs.

Ben Williams, CEO at North Wind Capital commented: “We are delighted to be part of this transaction which is comprised of institutional-grade investors across the capital stack, including Topland who join North Wind Capital in the senior debt.”

At transaction closing, Fenton Whelan acquired the Belgravia asset for £35 million in October 2024, via a court-led sales process. At that time, a new 125-year residential lease for 17 Belgrave Square was agreed with Grosvenor Estates. Fenton Whelan plans to convert the property, formerly an embassy and also once the home of the Royal College of Psychiatrists, into a super-prime single-family residence. Planning consent is secured.

Situated on the south-western side of Belgrave Square, the 20,455 sq ft property its surrounding stucco-fronted buildings are all Grade I listed. The residential redevelopment will be largely internally focused and in addition to the spectacular volumes of the main house will provide a southwest facing garden with orangery and attached mews, a pool and spa complex, gym, home cinema, staff accommodation as well as a triple garage for secure parking.

ENDS.

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