Integrated retirement community developer and operator Marstead Living has secured mortgage finance from Federated Hermes Private Credit to buy an 18-acre site in Mill Hill, north London.

Marstead Living has been granted full planning permission to create a 175-home retirement village, Marstead Mill, set in more than 10 acres of gardens and landscaped grounds, with an estimated gross development value of over £260 million.  

This is Marstead Living’s first retirement scheme. It is located on two adjoining sites, formerly known as Watchtower House, the Jehovah’s Witness International Bible Students’ Association UK headquarters.

The development will provide one-, two- and three-bedroom apartments designed for residents aged 65 and above. The retirement village on the main site will provide eight apartment buildings along with one additional residential building on the adjacent site comprising nine affordable family homes for the local community and Londoners. The neighbouring site will be opened for the wider community and will include a community centre, park café and a seven-acre public green open space.

Marstead Mill will feature amenities including a residents’ lounge, concierge, restaurant, deli/café open for the local community, social/games rooms and a health and wellbeing facilities including a swimming pool, hydrotherapy pool, fitness suite and treatment rooms and a garden pavilion.

Construction is set to begin before the end of the year, with full completion expected in 2027. The scheme has been designed by Barr Gazetas Architects.

 Marstead Living will offer ‘righthold’ tenures, with residents buying a lifestyle product instead of just bricks and mortar. This model is popular elsewhere in the world including New Zealand, Australia and the US.

Vincent Nobel, head of asset-based lending at Federated Hermes, said: “This funding reflects our belief in the strength of [Marstead Living’s] vision and the viability of Marstead Mill as a premier retirement community.”

Mark Alper, founder and chief executive at Marstead Living commented: “This milestone represents a significant step forward for Marstead Living and underscores our unwavering commitment to redefining retirement living in the UK. 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.”

The deal was advised by Deloitte.