OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has reportedly provided a £2.25m loan to a new joint venture between Dukesmead Property Group, Kyte Property and returning customer, Grosvenor Hill.
Established back in 2019, and led by a senior Management team, including Rodney Bishop, Dukesmead Property Group reportedly specializes in “acquiring sites” in order to develop care homes, senior living and assisted living units.
Kyte Property is a London-headquartered property development company that specialises in creating unique boutique living spaces across the South East of England.
Based in Finchley, North London, the firm’s current and previous projects are said to include the conversion and extension of an old warehouse to “23 apartments and 3,000 ft of commercial space” in Queen’s Park and a residential scheme in Acton Park.
Established in 2022, Grosvenor Hill is said to be a real estate investment and development group that is specializing in social housing and facilities.
The firm is managed by Abel Leaman and Dion Michael, who reportedly have a track record and experience within the real estate, investment banking, as well as the UK’s social housing sectors.
The £2.25m loan from OakNorth will be used to acquire a former NHS Health Centre in Bedfordshire, and convert it into a new “supported living scheme, consisting of 18 one-bedroomed flats.”
The site is reportedly located a short walk from a popular high street and will offer residents with large indoor and outdoor communal areas.
Rodney Bishop, MD at Dukesmead Property Group, said that with regard to their supported living projects, we always aim to exceed the expectations of our residents, providing them with a sense of community, expert care and a chance to live independently.
Max Kyte, Chair of Kyte Property, stated that after their launch 15 years ago, we’ve been devoted to their simple mission – to “build homes that resonate with the dreams of our clients, and craft environments where memories can flourish.”
Kyte further noted that their latest supported living scheme is the perfect example of this, and we look forward to continuing our partnership with Dukesmead and Grosvenor Hill moving forward.
They added that OakNorth’s responsive team played a “critical part” in getting the transaction over the line and they would be pleased to work with them again as they aim to scale their portfolio further across the region.