Digital bank OakNorth has provided an £87.6m property investment facility to specialist retirement living developer Elysian Residences.
The loan will refinance two recently completed schemes – The Denton in Berkhamsted and The Beckett in Tunbridge Wells. These schemes are part of a joint venture between Elysian and Octopus Capital & Schroders Capital’s UK Retirement living Fund, which focuses on acquiring and developing high quality retirement living schemes across the UK.
The Denton development comprises 103 units and The Beckett comprises 89 units – both offering luxurious, purpose-built retirement living with 24-hour care provision, private parking, and strong transport links to London.
Elysian Residences CEO Gavin Stein said: “Having worked together on several previous transactions, we value the OakNorth team’s proactive approach and deep knowledge of our sector. Their support will allow us to maximise value from these two outstanding developments.”
Deepesh Thakrar, managing director of debt finance at OakNorth, commented: “Elysian is delivering exceptional retirement living schemes that cater to an underserved but rapidly growing demographic. Their commitment to architectural quality, lifestyle experience, and care integration makes them stand out in this sector. We’ve built a trusted relationship over multiple transactions, and it’s a privilege to support the refinancing of these two outstanding developments alongside such a strong equity partner in Octopus Capital & Schroders Capital.”
Domas Karsokas, investment director at Octopus Capital, added: “We are delighted to be working with OakNorth again to support the high-quality developments delivered by Elysian Residences. Their strong understanding of the sector, combined with a fast and flexible approach, makes them a trusted and effective partner.”
