Digital bank OakNorth has reportedly provided an £87.6m property investment facility to Elysian Residences, the specialist retirement living developer and operator, to refinance its completed schemes – The Denton in Berkhamsted and The Beckett in Tunbridge Wells. These schemes are now said to be part of a joint venture between Elysian and Octopus Capital & Schroders Capital’s UK Retirement living Fund, which focuses on acquiring as well as developing high‑quality retirement living schemes across the UK.
The Denton development comprises “103 units and The Beckett comprises 89 units – both offering luxurious, purpose-built retirement living in affluent commuter towns.” Both developments reportedly have high-quality amenities such “as gyms, libraries, bars, restaurants, communal gardens, and 24-hour care provision, with private parking and transport links to London.”
Elysian Residences is a UK-based developer and operator of luxury retirement communities, offering “a lifestyle combining high-end amenities with discreet, flexible care when required.”
Established back in 2013 by Gavin Stein, its portfolio includes 11 communities – either operational, in planning, or under development – “with approximately 1,000 units and a total sales value exceeding £1bn.” The business “emphasises architectural quality, the wellbeing of homeowners, and a concierge-style offering to deliver retirement living typically found in premium global markets.”
Gavin Stein, CEO of Elysian Residences, commented that OakNorth is a lender that understands the needs of specialist residential developers.
Stein also mentioned that the team bring “speed, certainty, and flexibility, which are critical in transitional real estate.”
Having worked together on other transactions, they now value the OakNorth team’s approach and knowledge of the sector. Their support will “allow them to maximise value from these developments.”
Deepesh Thakrar, MD of Debt Finance at OakNorth, continued by noting that Elysian is delivering retirement living schemes that aim to “cater to an underserved but growing demographic.”
Thakrar explained that their commitment to architectural quality, lifestyle experience, and care integration “makes them stand out in this sector.”
They added that they built a relationship over multiple transactions, and it’s a privilege to “support the refinancing of these two developments alongside such a equity partner in Octopus Capital & Schroders Capital.”
Domas Karsokas, Investment Director at Octopus Capital, stated that they are pleased o be working alongside OakNorth again to “support the high-quality developments delivered by Elysian Residences.”
Their understanding of the sector, combined with a flexible approach, makes them an “effective partner.”
