StepStone Real Estate is providing debt financing to senior living developers and operators across the UK via a new partnership with Elevation Advisors.
UK-based healthcare real estate investment manager Elevation said StepStone Real Estate will provide funding for the newly launched strategy, which will look to provide whole loans, sized in excess of £20m (€23.5m), to developers and operators to fund developments and/or acquisitions.
Elevation said the strategy has been seeded with a loan extended to Oakland Care, a company backed by private equity growth investor Synova. Oakland currently operates six luxury care homes with 434 beds across London and the South East, with a further three care homes under construction and more land sites in the pipeline.
Elevation said it continues to pursue further transactions with a “growing exclusive pipeline of future potential investments”.
Andrea Auteri, managing partner at Elevation said: “The strategy will be the third pillar of growth for Elevation and work complimentarily alongside our triple net lease and joint venture platforms.
“We are excited to grow our relationship with StepStone Real Estate. We have been impressed by Oakland’s success story and are delighted to have the opportunity to partner with its experienced management team and shareholders to accelerate the growth of their business.”
Josh Cleveland, partner and head of EMEA for StepStone Real Estate, said: “We are delighted to expand our relationship with Elevation with this investment. This investment allows us to increase our exposure to a compelling sector driven by demographic trends that has shown to be resilient to various market cycles.
”We have seen the importance of investing alongside experienced managers in specialised real estate sectors like healthcare and senior living and look forward to benefitting from Elevation’s leading expertise and track record in the space.”
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