OakNorth provides £8.3m loan for retirement living development in Renfrewshire
The development, Waterside at Dargavel Village, is part of the wider Dargavel Village regeneration project in the West of Scotland.
OakNorth has provided a £8.3m loan to Chrysalis Homes Limited for the development of 49 retirement apartments in Bishopton, Renfrewshire.
The development, Waterside at Dargavel Village, is part of the wider Dargavel Village regeneration project in the West of Scotland.
More than 2,000 homes have already been completed, with the overall scheme set to deliver 4,000 homes, community amenities, and commercial space by 2034.
The site is on former BAE Systems land, and McCarthy & Stone will manage the retirement apartments.
Chrysalis Homes is backed by Highland & Universal Investments Limited, the investment vehicle of Dame Ann Gloag.
Both Chrysalis and Highland were advised by Greyfriars Investments.
Fraser McPhail, senior director of debt finance at OakNorth, said: “Dargavel Village is a flagship regeneration project for the West of Scotland, and the Waterside scheme will play an important role in expanding high-quality retirement living options in the region.
“With a rapidly ageing population and a notable lack of local supply, this development addresses a clear and growing need.
“Highland Investments and the wider sponsor group, supported by Greyfriars Investments bring exceptional experience, and we’re delighted to be supporting them as they deliver this vital project.”
Linda Docherty, sales director at Chrysalis Homes, said: “Waterside at Dargavel Village has been designed to provide high-quality, future-ready homes for older residents who want to remain close to family, community, and essential amenities.
“In bringing this project forward, we were looking for a funding partner that not only understood the technical and commercial requirements of retirement living but also had a deep appreciation of the unique dynamics within the Scottish residential market.
“Fraser and the OakNorth team’s responsiveness and flexibility also made them an ideal partner, and we look forward to continuing the relationship as the scheme progresses.”
Related
Principality provides £28m for Cardiff co-living scheme
Shawbrook provides £2.5m development facility for Bath apartment scheme
HTB provides £16.9m for Staffordshire care home development
Shawbrook provides £3.1m for 33-bed Bristol student scheme
Paragon provides £45m facility for Beechcroft later living scheme
Pallas Capital completes £6.1m development loan for 60-flat Northampton scheme
Shawbrook provides £7.5m development facility for Essex residential scheme
Paragon Development Finance provides £11.7m facility to support Wharfedale scheme
Quantum Development Finance secures £500m facility from Goldman Sachs
Secure Trust Bank provides £4.5m bridge for Reading scheme
Triple Point originates £17m facility for 31-home Fulham development
