Elysian is a returning customer of OakNorth’s and has a portfolio of 11 retirement communities either in operation, development or awaiting planning permission. These have a total sales value of over £1bn.

“We are pleased to work with REL Finance, and to work with OakNorth on this facility, which will enable additional apartments to reach an area where high-quality senior living is under-supplied,” said Gavin Stein, CEO at Elysian Residence.

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“Our plans continue to be supported ultimately by our customers, where we see many areas which do not have the supply of senior living communities which offer a choice of high-quality accommodation, with exceptional amenities.”

Earlier this year Elysian merged with Audley Group with the resulting entity retaining three established brands in the later living market — Elysian, Audley Villages and Mayfield Villages.

Deepesh Thakrar, managing director of debt finance at OakNorth, added: “We are delighted to once again support Elysian, a long-standing OakNorth customer, as they continue to deliver exceptional retirement living communities across the UK.

“This transaction underlines our commitment to backing experienced operators with strong track records and ambitious growth plans.

“With the recent merger with Audley Group further enhancing its market position, we look forward to seeing Elysian continue to set new benchmarks in quality and innovation for the sector.”