OakNorth provides loan for supported living scheme
OakNorth Bank has provided a £2.25 million loan to a new joint venture between Kyte Property and Grosvenor Hill.
Kyte Property is a London-based property development company that creates boutique living spaces across the Southeast of England. Grosvenor Hill is a real estate investment and development group specialising in social housing and facilities.
The loan will be used to acquire a former NHS health centre in Dunstable, Bedfordshire, and convert it into a supported living scheme comprising 18 one-bedroom flats. The site is located a short walk from a popular high street and will offer residents large indoor and outdoor communal areas.
Max Kyte, chairman of Kyte Property, said: “Following our launch 15 years ago, we’ve been devoted to our simple mission – to build homes that resonate with the dreams of our clients, and craft environments where memories can flourish. Our latest supported living scheme in Dunstable is the perfect example of this and we look forward to continuing our partnership with Grosvenor Hill moving forward.”
Dion Michael, director of Grosvenor Hill, commented: “We believe that everyone should have equal access to safe, affordable and comfortable housing. Our new partnership with the talented team at Kyte Property, means we’re set to deliver a greater number of truly transformative solutions to tackle the social housing and care crisis.
Greg Manson, director of debt finance at OakNorth, added: “The formation of [the] joint venture with Kyte Property will absolutely contribute towards elevating the standards of social care in Bedfordshire’s local community. We look forward to working with both of them on future transactions, as we continue to strengthen our commitment to supporting the UK retirement living and care sectors.”