Silbury Finance provides £55m loan for Herts retirement village
Silbury Finance has provided a £55m loan for the development of a 103-apartment retirement village in Berkhamsted, Hertfordshire, owned by a joint venture between later living outfit Elysian Residences, Octopus Real Estate and Schroder Real Estate.
The 36-month credit facility will fund the acquisition and development of the retirement community in what is a prominent suburban location, one mile from the centre of Berkhamsted and 26 miles northwest of London.
The retirement village will be operated by Elysian Residences and provide hotel-style facilities including a double-height lobby, restaurant, bar, library, function room, gymnasium and treatment rooms, with homeowners able to access 24-hour care if required.
Designed to create a thriving community, the new development will provide interconnected pavilion buildings, designed in a contemporary style, with the living spaces opening onto terraces, landscaped gardens and mature trees.
The joint venture was formed in February to bring forward market leading retirement communities, providing age exclusive new homes for retirees.
The Berkhamsted development, which is due to open to residents in Q4 2023, represents the joint venture’s first scheme as it targets a £200m gross development value portfolio.
“We are delighted to be progressing the development in Berkhamsted in partnership with the UK Retirement Living Fund and Silbury Finance, bringing over 100 new apartments to this key demographic, and working with other experienced capital partners within our sector,” said Elysian Residences chief executive officer Gavin Stein.
“This is our eighth retirement village (at different stages of development) and Elysian Residences is actively looking for new sites and investment opportunities at all stages, as part of our vision to be the foremost provider of inspiring and elegant retirement communities in the UK,” he added.