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OakNorth Bank has completed a £15m loan to Waverstone LLP to fund the portfolio purchase of apartments from McCarthy & Stone, the UK’s leading developer and manager of retirement communities.
The transaction follows an initial purchase of sales offices and show flats by Waverstone LLP in October 2019 which was also funded by OakNorth and takes total debt provided to Waverstone LLP to £36m. The transaction involves the purchase of 135 units – 41 show flats and sales offices in England and 94 finished apartments and apartments under construction in Scotland.
Frank Devoy, CEO of Waverley Investments Limited and Chairman of Waverstone LLP, commented: “Closing this transaction in this environment was a testament to the skill and flexibility of our partners at McCarthy and Stone, OakNorth Bank and Link Asset Services. Our collaborative approach helps us understand issues, create structures which align the needs of all parties and then close the transactions. Our pipeline is strong, despite this difficult period and we look forward to working with existing and new partners in the future.”
Greg Manson, Associate Director, 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.”