Silbury Finance loans £39m for Tunbridge Wells retirement village
Silbury Finance has issued a £39.3m loan for Elysian Residences’ retirement village in Tunbridge Wells, Kent incorporating 89 luxury apartments, penthouses and hotel-style facilities.
The loan has been provided to UK Retirement Living Fund (ReLF), which is managed by Schroders Capital and advised by Octopus Real Estate.
The Tunbridge Wells scheme is the second project to be developed by a joint venture between ReLF and Elysian.
The urban retirement village, due to open in 2024, will consist of three luxury apartment buildings, with a lounge/library, restaurant/bar, function room, guest suite, gymnasium and treatment rooms, with homeowners able to access 24-hour care if required.
In line with Silbury’s commitment to funding new developments that meet the highest environmental standards, the JV will benefit from a discount on the facility’s exit fee if it achieves a BREEAM ‘Very Good’ rating.
“This transaction increases our exposure to both the high growth retirement living sector and a highly reputable sponsor, and keeps us firmly on track to meet our first-year lending target of £350m,” said Silbury Finance founding partner Gavin Eustace.
“At the same time and reflecting that the built environment needs to address carbon emissions at the design and construction stage, not just operationally, the innovatively structured facility offers an incentive to the borrower on exit if it meets certain criteria,” he added.