Forsters' Real Estate Finance team advise OakNorth bank
Forsters' market leading Real Estate Finance team has advised long standing client OakNorth. The team, led by partner Victoria Edwards, advised on a £60 million development facility to the Affordable Housing and Healthcare Group (who were advised by Trowers & Hamlins) to develop a number of retirement living schemes.
OakNorth is a UK bank for small and medium sized companies that provides business and property loans. The bank lends between £500,000 to in excess of £50 million to businesses and property developers. Its loans have supported the development of more than 10,000 homes and creation of in excess of 13,000 jobs in the UK.
Working with Victoria was associate Dominic Lintner. Also advising on the deal was Commercial Real Estate partner Magnus Hassett and associate Danielle Kenyon.
Business Leader and FinSMEs describe the size of the development: "The sites have over 400 units between them and will be built with a range of communal facilities and services including a convenience store, hair salon, treatment rooms, fitness and activity suite, bistro/bar, private lounge and dining and a dedicated lifestyle management team providing care and wellbeing services."
Property Week go on to quote Matt Leahy, Director, Debt Finance at OakNorth, who said: “This part of the housing market in the UK is clearly underserved and AHH are 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).”