OakNorth supports 135-property acquisition with £15m funding

Business bank OakNorth Bank has supported a portfolio purchase of 135 retirement apartments across the UK with a multi-million pound loan.

The bank has completed a £15m lending facility for Waverstone LLP, a jointly owned entity between Waverley Investments Limited and care specialist McCarthy & Stone Extra Care Living Limited.

The loan has funded the purchase of 135 units - comprising 41 show flats and sales offices in England and 94 finished apartments and apartments under construction in Scotland.

Greg Manson, associate director of debt finance at OakNorth Bank, commented: “We were delighted to once again be working with the team at Waverstone LLP to support the delivery of retirement communities to help older people.

“McCarthy & Stone has more than 40 years’ experience in the industry and will remain as managing agents for these apartments.

“Despite the ongoing impact of Covid-19 on the economy, we continue to find strong businesses to lend to and management teams with ambitious growth plans. This transaction demonstrates OakNorth Bank’s ability to work with a range of borrowers - from our core growth business clients, through to small-cap listed businesses.”

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