Building behind the loan: London’s Manhattan Loft Gardens

Manhattan Loft Corporations's 42-storey tower in Stratford is part of the firm's aim to bring New York-style "loft living" to London.

A decade ago, Stratford in East London was a hive of activity of the sporting kind as thousands of spectators from all over the world gathered to celebrate the 2012 Olympic Games. The borough’s landscape has changed significantly since then as Stratford morphed into a hotspot for residential and commercial development centred on the Queen Elizabeth Olympic Park. The Manhattan Loft Gardens tower is a key feature of this change in scenery.

£80M

Size of Tristan Capital Partners’ loan to refinance apartments within Manhattan Loft Gardens

In August, real estate investment manager Tristan Capital Partners, completed a deal to provide finance against the 42-storey tower, which was completed in 2019. Tristan, through its TIPS One Debt Fund, completed an £80 million (€94 million) senior loan to owner Manhattan Loft Corporation to refinance 204 apartments within the tower, in a deal which Tristan’s head of debt investments, Dan Pottorff, says provided “a unique opportunity to gain exposure to the London residential market at an attractive basis”. 

The loan is Tristan’s seventh since launching the TIPS One Debt Fund in summer 2021 to provide core-plus, value-add and opportunistic debt.

Manhattan Loft Corporation, which launched in 1994, has multiple properties across the UK capital and claims to have brought New York-style “loft living” to London. The units Tristan has refinanced comprise a mix of single and double-height apartments, designed by Paris-based Studio KO. 

In addition to the residential space, Manhattan Loft Gardens comprises a seven-floor hotel and two restaurants. Designed by US architect SOM, the tower’s exterior, which has a serrated façade of terracotta and glass, also features three ‘sky gardens’, built into the form of the building at 95, 280 and 400 feet, providing elevated outdoor space.

204

Number of loft-style apartments refinanced through Tristan’s loan

The scheme fits into an area touted as a new ‘cultural capital’ for East London. Adjacent to it sits the East Bank district, which will soon be home to buildings for the BBC, V&A museum and a new campus for the London College of Fashion. Buildings within the East Bank district will begin opening from 2023 onwards.

The Manhattan Loft Gardens tower, and the development going on around it, is an example of the legacy of the Stratford’s brief stint as the centre of the sporting world.

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