OakNorth is lending £60m to Affordable Housing & Healthcare to develop three retirement schemes in the South West of England.
The sites in Wiltshire, Dorset and Somerset comprise 400 homes with a range of communal facilities and services including a convenience store, hair salon, fitness and dining facilities. The homes will be available under shared ownership tenure.
Julian Shaffer, chief executive of AHH, said: “With this finance from OakNorth, we will be able to have a positive impact on hundreds of people’s lives and bring some much-needed new affordable retirement communities to these counties.”
Matt Leahy, director of debt finance at OakNorth, said: “This part of the housing market in the UK is clearly underserved and AHH is delivering a unique proposition that is focused around a needs-based model.
“This is a complicated peak debt lending facility incorporating several retirement schemes at different stages of their development. We won the lending tender based on the structure we proposed and our clear understanding of their business.”
Forsters advised OakNorth.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
