Le mie ricette per la real estate community
Silbury Finance (“Silbury”), the development lender backed by Oaktree Capital Management, has provided the UK Retirement Living Fund (“ReLF” or the “Fund”),which is managed by Schroders Capital and advised by Octopus Real Estate, with a £55 million senior loan to fund the development of a luxury retirement village. The 103-apartment scheme in Berkhamsted, Hertfordshire, is a joint venture (“JV”) between ReLF and Elysian Residences (“Elysian”), the UK luxury retirement living specialists.
Alongside equity investment from ReLF and Elysian, the 36-month credit facility will fund the acquisition and development of the retirement community in what is a prominent suburban location, one mile from the centre of the affluent market town of Berkhamsted and 26 miles northwest of London.
The new purpose-built retirement village will be developed and operated by Elysian Residences, and will provide 103 apartments and hotel-style facilities including a double-height lobby, restaurant, bar, library, function room, gymnasium and treatment rooms, with homeowners able to access 24-hour care if required. Designed to create a thriving community, the new development will provide elegant, interconnected pavilion buildings, designed in a contemporary style, with the living spaces opening onto terraces, landscaped gardens and mature trees.
The joint venture was formed in February 2021, to bring forward market leading retirement communities, providing age exclusive new homes for retirees. The Berkhamsted development, which is due to open to residents in Q4 2023, represents the joint venture’s first scheme, as it targets a £200 million Gross Development Value portfolio.
The loan represents the second underwritten by Silbury Finance in the high growth retirement living sector and takes its total lending to £160 million since it launched in January 2021. Backed by Oaktree Capital Management, Silbury provides bespoke senior development finance solutions for property professionals active in the structurally undersupplied UK residential, retirement and student accommodation sectors.
Source : Joint release