OakNorth, the digital bank for entrepreneurs by entrepreneurs, has provided a £26.4m loan to newly-launched and Matter Real Estate-backed developer/operator, Untold Living.

Founded in 2022, Untold Living is a newly-established developer, owner, and operator of Integrated Retirement Communities (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 IRC service offering itself sits between the more-traditional care home and retirement housing models, offering a community designed specifically for those in later life that adapts to the needs of residents as they grow older.

Untold’s IRCs are designed with an in-house care team, flexible multi-purpose amenity spaces and onsite F&B offering.

Having acquired its first site in Westbury, Wiltshire, Untold currently operates one scheme with several more in the pipeline.

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.

The £26.4m loan 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.

Untold Living is actively seeking to acquire other suitable sites and assets across the UK to expand its portfolio and is open to discussions with landowners, landlords and agents, targeting a GDV of £300m for its initial development pipeline.

Russell Jewell, chief executive, said: “The UK’s retirement community sector is no longer in its infancy, but it still has many lessons to learn.

“Our approach has been to learn from best practice not only in the UK, but in countries such as the US and New Zealand, where the market is much more mature.

“As such, 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.

“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, added: “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.