Alantra completes the signing of two senior debt facilities for later-living developer-operator, Untold Living

Jul 2024

Debt advisory

London – Alantra has completed the signing of two senior debt facilities for Untold Living, an Integrated Retirement Community (IRC) platform backed by the private equity firm Matter Real Estate.

The loans totalling £26.4m from OakNorth will be used to develop Untold’s 77-unit IRC in Newport, Shropshire, which recently achieved planning consent, as well as support the operations of its existing 68-unit Chantry Court site in Wiltshire.

Founded in 2022, Untold is a newly established developer, owner and operator of IRCs across England. Untold’s mid-market offering bridges the gap between high-end later living properties and housing associations by providing an affordable product that extends the IRC model to as many people as possible. This is supported by its innovative customer value proposition, which relies on a deferred management fee and smaller service charges to keep barriers to entry low.

The company is backed by London-based real estate investment firm, Matter Real Estate, whose partnership is helping the business’s ambitious plan to build a large portfolio of retirement villages over the coming years.

Bobby Fletcher, Managing Director & Head of UK Real Estate at Alantra commented: “We are delighted to have advised Untold Living on the financing of their first IRC development and an investment facility for their existing operational asset that will be used to fund development equity. Untold’s impressive management team have an exciting pipeline of follow-on sites and are set to become a major player in this fast-growing sector. Alantra are looking forward to working with the Untold team to capitalise their future sites, delivering much needed housing stock for the UK’s ageing population”. 

Russell Jewell, CEO of Untold Living said: “Given the challenging nature of the financing markets currently, we felt that there was value in mandating an advisor to help us to originate and structure construction financing for our first new development project. We interviewed a number of firms and despite being a new relationship, the team at Alantra were clearly the best choice. They have worked incredibly hard with us throughout the process of identifying a funder. Alantra’s attention to detail in securing the debt with Oaknorth was particularly impressive and we are delighted with the outcome.”