Feanor Capital Partners extends £29.5 million senior loan to fund Fenton Whelan’s Belgravia redevelopment

London, October 2024: Feanor Capital Partners, a UK-based real estate investor with a European presence, has 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.

The 32-month senior facility was partly syndicated to Topland, the UK real estate structured finance provider founded by Sol Zaklay. Banor Capital's Special Situations Fund II, the regulated, Italy-headquartered fund manager, provided a £28 million mezzanine facility, funded through the issue of Eurobonds, with proceeds covering ongoing development costs.

Fenton Whelan acquired the Belgravia asset for £35 million in October 2024 through a court-led sales process, agreeing a new 125-year residential lease with Grosvenor Estates at the same time. The developer plans to convert the property, formerly an embassy and once home to the Royal College of Psychiatrists, into a super-prime single-family residence. Planning consent has been secured.

On the south-western side of Belgrave Square, the 20,455 sq ft property and its surrounding stucco-fronted buildings are all Grade I listed. The redevelopment will be largely internal. Alongside the generous volumes of the main house, the scheme will provide a south-west-facing garden with orangery and attached mews, a pool and spa complex, gym, home cinema, staff accommodation, and a triple garage.

ENDS.