Gerald Ronson gathers a club of lenders for Millbank flats scheme

Kasmira Jefford
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PROPERTY magnate Gerald Ronson has assembled a consortium of high-profile lenders to provide £170m of funding for his latest residential development at London’s Millbank.

His investment firm Ronson Capital Partners (RCP) confirmed yesterday that Barclays and Lloyds commercial banking have provided £145m of senior debt to finance Riverwalk House, next to Vauxhall bridge. LaSalle Investment Management’s debt investments team and real estate debt provider Capital A Finance provided £25m in mezzanine financing.

Crosstree Real Estate, which is backed by Swiss pharmaceuticals billionaire Ernesto Bertarelli, has invested £30m in the project.

RCP chief executive Jonathan Goldstein said the need “to piece together the debts” reflected continued caution in the debt market to commit to large projects.

RCP bought Riverwalk from Derwent London in 2011 for £77.3m. Demolition has already begun on the site and the company hopes to complete the scheme in of 2015.

Over a third of the 121 apartments have already been sold, achieving in excess of £2,600 per square feet.