Marstead Living has secured mortgage financing from Federated Hermes Private Credit to buy an 18-acre site in London’s Mill Hill to build a new 175-home retirement village set over 10 acres of gardens and landscaped grounds with an estimated GDV of over £260 million. 

Marstead Mill is Marstead Living’s first retirement scheme. It marks a pivotal moment for the developers-operator's vision of redefining retirement living in the UK through a high-quality flagship project and addressing the needs of right-sizers in a drastically underserved sector. There is a significant undersupply of retirement housing in the district surrounding the Marstead Mill project. 

Located on two adjoining sites, formerly known as Watchtower House, the Jehovah’s Witness International Bible Students’ Association UK headquarters, Marstead Mill designed by Barr Gazetas Architects will offer 175 generously sized one, two and three-bedroom apartments specifically designed for residents aged 65 and above.

Construction is set to start before the end of the year, with full completion expected in 2027. 

The new retirement village on the main site will comprise eight apartment buildings nestled within beautiful mature gardens and trees 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 to use and enjoy and will include a community centre, park café and a 7-acre public green open space.

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

The project is committed to sustainability and social values, focusing on an energy strategy targeting net-zero carbon plans and renewables, planting 175 new trees, and increasing green space and enhancing biodiversity. 

Marstead Mill will stand as a trailblazer in retirement living communities. Rather than offering residents the usual retirement real estate product, Marstead Living will be pioneering the ‘Righthold’ tenure in the UK, with residents buying a lifestyle product instead of just bricks and mortar. The lifestyle model is already proven to work well and is the predominant model in the world including New Zealand, Australia and the USA. 

The loan provided by Federated Hermes Private Credit, advised by Deloitte, solidifies Marstead Living's commitment to realising their ambitious project. This strategic decision underscores the confidence both parties have in the success and sustainability of this new retirement community and lifestyle offering. 

Vincent Nobel, Head of Asset-Based Lending at Federated Hermes Ltd. commented: “We are pleased to provide debt funding to Marstead Living for their landmark UK retirement community. This funding reflects our belief in the strength of their vision and the viability of Marstead Mill as a premier retirement community.”

Mark Alper, Founder and CEO at Marstead Living added: “We are delighted by the support and confidence shown by Federated Hermes. 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.”