OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £26.4m loan to newly launched and Matter Real Estate-backed developer-operator Untold Living.
The £26.4m loan from OakNorth will be used to develop Untold’s 77-unit IRC in Newport, Shropshire, which recently achieved planning consent, as well as support the operations of its existing 68-unit Chantry Court site in Wiltshire.
Untold Living is actively seeking to acquire other suitable sites and assets across the UK to expand its portfolio and is open to discussions with landowners, landlords and agents, targeting a GDV of £300m for its initial development pipeline.
About Untold Living: Founded in 2022, Untold Living is a newly established developer, owner and operator of Integrated Retirement Communities (IRCs) across England. Untold’s mid-market offering bridges the gap between high-end later living properties and housing associations by providing an affordable product that extends the IRC model to as many people as possible. This is supported by its innovative customer value proposition, which relies on a deferred management fee and smaller service charges to keep barriers to entry low.
The IRC service offering itself sits between the more traditional care home and retirement housing models, offering a community designed specifically for those in later life that adapts to the needs of residents as they grow older. Untold’s IRCs are designed with an in-house care team, flexible multi-purpose amenity spaces and on-site F&B offering.
Having acquired its first site in Westbury, Wiltshire, Untold currently operates one scheme with several more in the pipeline. The company is backed by London-based real estate investment firm, Matter Real Estate, whose partnership is helping the business’s ambitious plan to build a large portfolio of retirement villages over the coming years.