International law firm Trowers & Hamlins has advised Elysian Residences and UK Retirement Living Fund (‘ReLF’), a Joint Venture between Schroders Capital and Octopus Capital, on an £87.6m investment facility with Oaknorth Bank Plc.
The two assets supported by the facility include The Denton in Berkhamsted and The Beckett in Royal Tunbridge Wells, both ventures owned and controlled by a joint venture between Elysian Residences and ReLF. The developments are two established senior living communities comprising of 103 and 89 units respectively, with amenities including gyms, libraries, bars, restaurants, communal gardens and 24-hour care provision.
Trowers offered a cross-departmental service on this project utilising knowledge and expertise from Banking, Real Estate, Planning and Construction teams. This involved negotiating the finance documents, carrying out property due diligence, advising on planning aspects and reporting on existing construction documents.
Domas Karsokas, Investment Director at Octopus Capital, commented:
“We are delighted to have worked with Trowers & Hamlins on another financing transaction. Their industry expertise, combined with our long-standing relationship, allows them to work at pace while maintaining the highest quality.”
Gavin Stein, CEO of Elysian Residences, commented:
“Trowers & Hamlins is a firm that genuinely understand the needs of specialist developers in the Retirement Living sector. Their team’s proactive approach and deep expertise have allowed us to maximise value from these two outstanding developments.”
Eddie O'Hanrahan, Partner in Banking and Finance, said:"We are delighted to have advised on the successful refinancing of such luxury senior living villages. Our multi-disciplinary team seamlessly completed the transaction within a very challenging deadline, avoiding significant extension fees on the existing financing. As ever, it's been an absolute pleasure working with both the Octopus and Elysian teams."
The Trowers team included Ashley Slatford, Eddie O'Hanrahan, Lizzie Pillinger, Charlotte Taylor, James Huckstep, Aysha Aklooheji, Sarah Langworthy, Shivana Sood, Lydia Jones, Bodhi Kothari, Amy Bentall and David Green.
