The units have been purchased from developer and retirement community manager McCarthy & Stone, which will remain the managing agent.

The transaction follows an initial purchase of sales offices and show flats by Waverstone — a jointly owned entity between Waverley Investments Limited and McCarthey & Stone Extra Care Living Limited — in October 2019, which takes the total debt provided by OakNorth to £36m.

•   Masthaven launches new broker portal offering instant DIPs for bridging
•   OakNorth Bank completes its first fund buyout deal
•   Cynergy and OakNorth approved for accreditation under CBILS

Frank Devoy, CEO at Waverley Investments Limited and chairman at Waverstone LLP, said: “Closing this transaction in this environment was a testament to the skill and flexibility of our partners at McCarthy & Stone, OakNorth Bank and Link Asset Services.”

He stated that its collaborative approach had helped understand issues, created structures which aligned the needs of all parties, and then closed the transactions.

“Our pipeline is strong, despite this difficult period, and we look forward to working with existing and new partners in the future.”

Greg Manson, associate director of debt finance at OakNorth Bank, stated: “We were delighted to once again be working with the team at Waverstone LLP to support the delivery of retirement communities to help older people.

“This transaction demonstrates OakNorth Bank’s ability to work with a range of borrowers; from our core growth business clients, through to small-cap listed businesses.”

Despite Covid-19 uncertainty, the bank has continued to support strong growth businesses, and has approved over £50m in new loans since the lockdown began.

OakNorth has also approved £36m in CBILS loans.