OakNorth completes £60m facility for three new retirement schemes

OakNorth has completed a £60m loan to Affordable Housing & Healthcare Group (AHH) for the development of three new affordable retirement living schemes.

The developments — which will be located in Wiltshire, Dorset and Somerset — have over 400 units between them and will be built with a range of communal facilities and services.

These services will include a convenience store, hair salon, treatment rooms, fitness and activity suite, bistro/bar, private lounge and a dedicated lifestyle management team.

New homes will be purchased on a government-backed shared ownership basis.

Julian Shaffer, CEO at AHH, said: “We focus on affordable housing and healthcare solutions in sectors where there is a growing need and a shortage of supply.

“Working in partnership with government, we specialise in the delivery and operations of affordable supported retirement communities and premium elderly healthcare infrastructure.

“With this finance from OakNorth, we’ll 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, added: “This part of the housing market in the UK is clearly underserved and AHH [is] delivering a unique proposition that is purely focused around a needs-based model.

“No developer in this space of the market is delivering high-quality schemes that fully cater for the broad residential needs of older people both physically (on-site high service provision amenities), socially (creating communities) and financially (shared equity options on purchase).

“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.”

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