Elysian Residences Secures £16m Co-Development Loan

Elysian Residences Secures £16m Co-Development Loan

OakNorth Bank and REL Finance have provided the financing to the later living developer and operator.

 

  • What OakNorth Bank and REL Finance have teamed up to provide a £16m co-development loan to Elysian Residences
  • Why Financing to support the further delivery of additional later living homes to the market
  • What next Deal follows Elysian’s merger with Audley Group, creating a firm with a combined £3bn sales value

 

OakNorth has teamed up with REL Finance to provide a £16m co-development loan to later-living operator and developer Elysian Residences. The financing will support the company for the delivery of additional later living apartments to the market. Elysian Residences has a portfolio of 11 retirement communities operating or currently in development or awaiting planning permission. Altogether, its property holdings have a total sales value in excess of £1bn.

The loan marks REL Finance’s first transaction within the retirement living sector.

Tashin Morjaria, co-founder and director at REL Finance, said: “We welcome the opportunity to support Elysian Residences – a company recognised as a best-in-class operator and developer within the space. Their meticulous approach to design and dedication to resident wellbeing make them an ideal partner, aligning with REL Finance’s core values and growth aspirations. Furthermore, this loan underscores our growing collaboration with OakNorth, reflecting our shared commitment to dynamic, market-responsive funding solutions for the UK real estate sector.”

Elysian was founded in 2013 by chief executive Gavin Stein and recently completed a merger with Audley Group in July, revealed by Green Street News. The move created a company with a combined £3bn in sales value. with the new entity retaining its three established brands — Elysian, Audley Villages and Mayfield Villages.

Gavin Stein said: “We are glad to work with REL Finance, and to work with OakNorth on this facility, which will enable additional apartments to reach an area where high-quality senior living is under-supplied. Our plans continue to be supported ultimately by our customers, where we see many areas which do not have the supply of senior living communities which offer a choice of high-quality accommodation, with exceptional amenities.”

Deepesh Thakrar, managing director of debt finance at OakNorth, added: “We are happy to once again support Elysian, a long-standing OakNorth customer, as they continue to deliver exceptional retirement living communities across the UK. This transaction underlines our commitment to backing experienced operators with strong track records and ambitious growth plans.

“With the recent merger with Audley Group further enhancing its market position, we look forward to seeing Elysian continue to set new benchmarks in quality and innovation for the sector.”