The latter specialises in integrated retirement communities, or IRCs, which are designed to bridge the gap between high-end later living properties and housing associations.

Untold’s IRC facilities are designed with in-house care teams, flexible multi-purpose amenity spaces and on-site F&B offerings.

The OakNorth loan will be used to develop a 77-unit IRC site in Newport, Shropshire which recently secured planning consent — this capital will also be used to support the operations of Untold’s existing 68-unit Chantry Court site in Wiltshire.

Untold Living, which was founded in 2022, is backed by real estate investment firm Matter Real Estate.

Russell Jewell, CEO at Untold Living, said: “Our focus has been on ensuring Untold Living’s developments have a thriving culture where residents are engaged, a low affordability barrier that democratises the product, and a flexible approach to amenities.

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“We feel this is key to broadening access to the sector, which will ultimately reduce strain on the NHS, ease public finances, and enable our elderly citizens to live longer, more fulfilled lives.”

Lucas Anglin, associate director of debt finance at OakNorth. Said: “Under the stewardship of its strong management team led by Russell, Untold Living has quickly built-up an impressive reputation for operating and building high-quality retirement communities.

“With new retirement housing stock continuing to lag well behind the rapidly increasing demand, driven by the UK’s ageing population, Untold is in the perfect position to capitalise on these growing tailwinds.

“We look forward to strengthening our relationship with Russell moving forward and look forward to supporting Untold on more IRC projects in the future.”

Alantra, led by Bobby Fletcher and Danilo Bardella, acted as exclusive financial advisor to Matter and Untold on the transaction.