Eldridge and Starwood Capital Provide £193.5 Million in Financing to Ballymore and Penta for Development of The Capston in Nine Elms

LONDON–(BUSINESS WIRE)–Eldridge Real Estate Credit, the real estate investing strategy of Eldridge Capital Management, and controlled affiliates of Starwood Capital, today announced a £193.5 million loan to Ballymore Group and Penta Real Estate to finance The Capston, a residential riverside development situated on the south bank of the River Thames in London’s Nine Elms neighborhood.

“We believe The Capston represents the absolute best of the residential market — offering its community access to unparalleled amenities, thoughtful design, and an elevated living experience,” said Graham Keable, Managing Director at Eldridge Capital Management. “As we enter into our sixth partnership with Starwood Capital, we look forward to building on our existing relationship to deliver another premier development that sets a new standard for modern luxury.”

Eldridge Real Estate Credit is focused on investing opportunities throughout the US, UK, and Europe, including term, construction, transitional, and special situation opportunities across the capital structure. The platform has originated over $11 billion in loans, leveraging an experienced team with a disciplined approach seeking to create long-term value.

“We are delighted to support Ballymore and Penta. The Capston exemplifies the type of high-quality, thoughtfully designed project that aligns with our strategy of financing best-in-class sponsors in markets with strong long-term fundamentals,” said Harvey Sandhu, Senior Vice President, Real Estate Debt at Starwood Capital.

The residences comprise 247 expertly crafted, tailor-made apartments, each thoughtfully designed across a collection of one-, two- and three-bedroom homes. The property also features a variety of luxury amenities, including a sauna, steam room, and hydro pool, among other treatments; state-of-the-art fitness equipment and facility with virtual classes and personal trainers; a business lounge and private cinema; 24/7 concierge service, a library, and multiple co-working spaces; and a dining room with a cocktail bar, lounge and terrace, banquette seating, and a private chef’s kitchen.

“We’re extremely proud to deepen our existing relationship with Eldridge and Starwood Capital. The Capston is a remarkable building and represents the final chapter of Ballymore’s nearly twenty-year journey in Embassy Gardens,” said Robet Mulryan, Group Corporate Finance & Investment Director at Ballymore Group.

“We are glad to have secured development financing for The Capston from such strong and respected institutions as Eldridge and Starwood Capital. This financing underscores confidence in our joint project and marks an important step toward expanding our presence in London,“ said Pavel Streblov, Managing Director at Penta Real Estate.

About Eldridge

Eldridge is an asset management and insurance holding company with over $70 billion in assets under management that consists of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management, through its subsidiaries, focuses on four investment strategies – diversified credit, GP solutions, real estate credit, and sports & entertainment. Eldridge Real Estate Credit is the brand name for the real estate credit team at Cain International (“Cain”) that joined Eldridge Capital Management in June 2025. Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised of Eldridge’s wholly owned insurance companies, Security Benefit and Everly Life. Eldridge is wholly owned by Eldridge Industries. To learn more, visit www.eldridge.com.

About Starwood Capital Group

Starwood Capital Group is a private investment firm with a core focus on real assets globally. Since its inception in 1991, Starwood Capital Group has raised over $90 billion of capital and currently has $125 billion of assets under management. Through a series of comingled opportunity funds and Starwood Real Estate Income Trust, Inc. (SREIT), a non-listed REIT, the Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving.

Starwood Capital also manages Starwood Property Trust (NYSE: STWD), the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed over $108 billion of capital since inception and manages a portfolio of over $29 billion across debt and equity investments. Alongside Starwood Property Trust, Starwood Capital manages over $5 billion in several private debt funds investing across the globe.

Starwood Capital’s other affiliates include: Highmark Residential, a property management company; Starwood Digital Ventures, a platform dedicated to the firm’s data center investment strategy; Starwood Hotels, a hotel brand management team; Essex Title, a title agent for one or more underwriters in issuing title policies and/or providing support services; and Starwood Oil & Gas, which seeks to capitalize on conventional and unconventional North American assets.

Additional information can be found at www.starwoodcapital.com, www.starwoodnav.reit, www.starwoodpropertytrust.com and www.starwoodhotels.com.

About Ballymore

Ballymore is a leading property developer with a multi award-winning portfolio of some of Europe’s largest and most transformative urban development projects. Our projects are defined by their vision, originality and commitment to quality and we are driven to set new, lasting standards in design, creativity and architecture.

Every place we create has a unique personality inspired by its location, history, people and culture, nurtured through strong relationships with our expert partners and those we develop with local communities.

We enliven areas well before the first foundations are laid and we remain long after the last brick is in place to ensure our customers are well looked after and the communities continue to thrive.

Our landmark developments in the UK span the breadth of Greater London, from our new riverside communities in Royal Wharf, London City Island and Embassy Gardens, where we have transformed underused land into lively new neighbourhoods, over to Brentford where we are reconnecting the High Street with the waterfront and revitalising the town centre.

In Ireland, we develop homes across a number of counties and have established Dublin Landings as a new commercial centre at North Wall Quay. We are also working in partnership with Diageo and CIE to design and deliver mixed-use developments at the Guinness brewery and Connolly Station in Dublin.

About Penta Real Estate

Penta Investments is a leading Central European investment group, founded in 1994. With operations spanning over 10 European countries, Penta focuses on long-term value creation across key sectors including healthcare, financial services, retail, manufacturing, media, and real estate. The group manages assets exceeding EUR 10 billion, reflecting its strong and diversified portfolio.

In 2005, Penta expanded into real estate development through Penta Real Estate, which has since become a major force in the Central European property market. Known for its visionary approach and collaboration with world-renowned architects and designers, Penta Real Estate has delivered 49 landmark projects that have significantly shaped urban landscapes. Among its most celebrated achievements is the Masaryčka building in Prague, designed by the iconic Zaha Hadid, which stands as a symbol of architectural excellence and modern city development.

Building on its success in Central Europe, Penta Real Estate has made its first strategic move into London with the establishment of this joint venture. This marks a significant commitment to the London market and reflects Penta’s ambition to bring its development expertise to one of the world’s most competitive real estate environments. Beyond this initial step, Penta is actively seeking further residential and commercial investment opportunities in London and across the UK, aiming to expand its footprint through high-quality, impactful projects.

Contacts

Media Contacts
For Eldridge
Ben Howard

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For Starwood Capital
Dana Gorman / Mallory Griffin

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