Précis finances later living project with Carlyle and Nomura

The facility will be used to finance the development of “The Oren”, a Later Living development in Hampstead, London, expected to be delivered in 2024.
 
Elysian Residences, a UK investor, developer and operator focused exclusively on the Later Living sector, will oversee both the development and subsequent operation of the scheme.
 
Précis Capital Partners originated the loan and arranged the consortium of Lenders. The deal represents Précis Capital’s inaugural transaction in the Later Living segment and brings the total value of residential development loans completed by the firm to over £1.26 bn. It also represents the fourth loan jointly provided with Carlyle under their funding partnership.
 
David Jerrard, Chief Credit Officer of Précis Capital, said: ‘This financing will help tackle the chronic undersupply of purpose built later living housing within the UK retirement market, and we are looking forward to working closely with Tristan Capital Partners and Elysian Residences to deliver an outstanding luxury development for those in their later years. This latest loan is also testament to our growing partnership with Carlyle and our ability to collaborate with other blue-chip financial institutions like Nomura. We are committed to backing high-quality sponsors and developers working on significant, socially valuable schemes.’
 
Taj Sidhu, head of Carlyle’s European Credit Opportunities advisory team, said: ‘We are excited to expand our partnership with Précis Capital, with the financing of this high-quality asset, ideally situated in a prime area of London. There is an important role to play in providing high quality later living housing in the UK and we are delighted to leverage the experience and resources of Carlyle’s global credit platform in support of that.’
 
Précis Capital was advised by Addleshaw Goddard, Gardiner & Theobald, Longevity Partners and Savills.