Silbury Finance has provided a £64.3m loan to a joint venture vehicle established by Elysian Residences and Senior Living Investment Partners for the purchase and development of a 124-residence luxury retirement scheme by Elysian in How Wood, St Albans.
Elysian Residences and Senior Living Investment Partners is a partnership between Pension Insurance Corporation and Octopus Real Estate.
The £64.3m deal will see the Elysian Residences and Pension Insurance JV deliver a luxury scheme comprising 80 apartments and 44 two-bedroom bungalows, featuring a restaurant, café/bar, library, wellbeing and therapy centre, cinema, village green and orchard gardens.
The loan takes Silbury, the Oaktree Capital Management-backed development lender, past the £500m lending milestone since its launch in January 2021.
Gavin Eustace, founding partner at Silbury Finance, said: “Backed by a deeply experienced global real estate investor in Oaktree, and with further market dislocation likely as result of the challenging economic backdrop, we have ambitions to accelerate our deployment in 2024.
“Whilst remaining highly disciplined in our underwriting, we have a strong pipeline of borrowers seeking flexible funding solutions for high quality and environmentally responsible schemes.”
Domas Karsokas, investment director at Octopus Real Estate, added: “We are pleased to be moving forward with the development of what will be a market-leading retirement community, alongside Elysian, PIC and Silbury. The structure and terms of the debt are well suited to a development project and will support returns to our institutional investors.”
