OakNorth supports three new retirement schemes with £60m funding

SME lending specialist OakNorth has completed a £60m loan to Affordable Housing & Healthcare Group (AHH) to fund the development of three new retirement living schemes.

The schemes, situated in Wiltshire, Dorset and Somerset, will offer over 400 units of affordable housing units between them.

Following the funding from the London-based business lender, AHH will develop new homes to be offered on a government-backed shared ownership basis, which aims to reduce the cost of home ownership for ‘last-time’ buyers.

There are also plans to invest in the communal areas of the sites, with the inclusion of amenities such a convenience store, hair salon, treatment rooms, fitness and activity suite, bistro and a lifestyle management team providing care and wellbeing services.

Commenting on the loan, Matt Leahy, director of debt finance at OakNorth, commented: “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.

“We are all delighted to support AHH and look forward to building our relationship with them going forward.”

Julian Shaffer, CEO of AHH, added: “We focus on affordable housing and healthcare solutions in sectors where there is a growing need and a shortage of supply. Working in partnership with government we specialise in the delivery and operations of affordable supported retirement communities and premium elderly healthcare infrastructure.

“With this finance from OakNorth, we’ll be able to have a positive impact on hundreds of people’s lives and bring some much-needed new affordable retirement communities to these counties.”