Silbury has handed over £55m to fund the development of a £200m retirement village in Berkhamsted, Hertfordshire.
The Oaktree-backed development lender extended the loan for a 103-flat scheme being developed by a joint venture between UK Retirement Living Fund and Elysian Residences.
The 36-month credit facility will fund the acquisition and development of the retirement community with hotel-style facilities. The scheme will have a double-height lobby, restaurant and bar and gym, as well as 24-hour care if required.
The site, which is due to open in Q4 2023, is the first developed by the jv, which was formed in February to create luxury retirement communities.
The loan is the second retirement living loan underwritten by Silbury Finance and takes its total lending to £160m since its launch in January.
UK Retirement Living Fund is managed by Schroders Capital and advised by Octopus Real Estate.
Domas Karsokas, Octopus’s senior investment manager, said: “The debt facility marks our second this year with Silbury, whose expertise in the sector complements our own within the joint venture.”
Silbury founding partner Gavin Eustace indicated that Silbury would also be funding future developments by the jv.
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