Eldridge Real Estate Credit, the real estate investing strategy of Eldridge Capital Management, and controlled affiliates of Starwood Capital have made a £193.5-million (approximately US$261 million) loan to Ballymore Group and Penta Real Estate to finance The Capston, a residential riverside development on the south bank of the River Thames in London’s Nine Elms neighborhood. The 247-unit project represents the final phase of the Embassy Gardens mixed-use development.

“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.”

New York-based Eldridge Real Estate Credit is focused on investing opportunities throughout the U.S., UK and Europe, including term, construction, transitional and special situation opportunities across the capital structure. The platform has originated more than $11 billion in loans.

For Prague-based Penta, the Embassy Gardens project represents an entry into the UK in combination with its acquisition of an interest in another residential development. Both are partnerships with London-based Ballymore.