Cain International and partners McCourt Partners, Galliard Homes, Vanke and Investec have secured a £124M refinancing for the commercial components of The Stage, a mixed-use development in Shoreditch.

Mizuho EMEA, part of Japan-based Mizuho Financial Group, has agreed to refinance the commercial components of the scheme, situated on the site of Shakespeare's Curtain Theatre. Cain and its partners have developed 211K SF of office space across two buildings, plus 42K SF of retail around an acre of public open space. The refinancing term is four years.

In early July, Amazon confirmed that it is to take 180K SF of the office space. The U.S. group signed for space in the two buildings at the development, taking around 107K SF at The Bard and 70K SF at The Hewett Building on Curtain Road.

The Stage was completed last year. It is a joint venture between Cain, which owns 60%, China Vanke (21%), Galliard Homes (15.8%) and Investec (3.2%). Earlier this year, Cain merged with sister real estate investment firm Blackbrook Capital, both of which are partly owned by Todd Boehly, the U.S. investor who is also a part owner of Chelsea FC.

Earlier this year, Cain and its partners agreed to a £188M refinancing with Macquarie Capital for the residential component of The Stage, which consists of a 37-storey, 412-apartment residential building, a sky terrace and an underground amusement arcade. The loan from Macquarie matures in January 2027.

Last year, Cain also announced the appointment of creative studio Bompas & Parr to deliver the Museum of Shakespeare in the development. Bompas & Parr is working with Museum of London Archaeology and Historic England on the project.

“This major refinancing deal follows significant commercial momentum at The Stage, reinforcing our belief in the resilience and attractiveness of well-positioned, mixed-use developments in dynamic urban centres,” Cain International Managing Director Ben Tooley said in a statement.

“The Stage is a compelling product, featuring a rich history, modern amenities, and a premium location, aligning with our commitment to financing in high-quality projects,” Mizuho EMEA Head of Real Estate Finance Andrea Patti added. “The long-term commitment to the site by one of the most desirable occupiers in the market further underscores the resilience and appeal of such developments.”

Cain International is jointly owned by Boehly and Jonathan Goldstein, who previously led Heron International alongside Gerald Ronson. The May announcement of a merger between Blackbrook Capital and Cain created a firm with $17B, or £13.6B, of assets under management.

JLL's debt and structured finance team advised Cain on the Mizuho EMEA transaction.