Oaktree Capital Management-funded lender Silbury Finance has provided a £39.3m loan for a retirement scheme in Kent.
Silbury agreed the loan for the UK Retirement Living Fund, which is managed by Schroders Capital and advised by Octopus Real Estate. The green facility offers rates tied to reduced carbon emissions.
ReLF will use the finance to build 89 for-sale homes in Royal Tunbridge Wells in Kent. The scheme is the second to be developed in a joint venture with Elysian Residences.
Silbury also backed the jv’s first scheme in Berkhamsted with a £55m acquisition and development loan. Together, ReLF and Elysian aim to build a £200m portfolio of retirement homes.
Gavin Eustace, founding partner at Silbury Finance, said: “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.”
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