OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £2.25m loan to a new joint venture between Kyte Property and returning customer, Grosvenor Hill.
Kyte Property is a London based property development company that specialises in creating unique boutique living spaces across the South East of England. Headquartered in Finchley, North London, the firm’s current and previous projects include the conversion and extension of an old warehouse to 23 apartments and 3,000 ft of commercial space in Queen’s Park and a major residential scheme in Acton Park Formed in 2022, Grosvenor Hill is a real estate investment and development group specialising in social housing and facilities. The firm is managed by Abel Leaman and Dion Michael, who have a track record and experience within the real estate, investment banking, and social housing sectors.
The £2.25m loan from OakNorth will be used to acquire a former NHS Health Centre in Bedfordshire, and convert it into a new supported living scheme, consisting of 18 one-bedroomed flats. The site is located a short walk from a popular high street and will offer residents with large indoor and outdoor communal areas.
Max Kyte, Chairman of Kyte Property, commented: “Following our launch 15 years ago, we’ve been devoted to our simple mission – to build homes that resonate with the dreams of our clients, and craft environments where memories can flourish. Our latest supported living scheme in Dunstable is the perfect example of this and we look forward to continuing our partnership with Grosvenor Hill moving forward. OakNorth’s swift and responsive team played a critical part in getting the transaction over the line and we would be eager to work with them again as we scale our portfolio across the region.”
Dion Michael, Director of Grosvenor Hill, said: “We believe that everyone should have equal access to safe, affordable, and comfortable housing. Our new partnership with the talented team at Kyte Property, means we’re set to deliver a greater number of truly transformative solutions to tackle the social housing and care crisis. Our relationship with Greg and OakNorth goes back several years, and we knew they would be the ideal funding partner to support our first JV project, given their impressive track record and knowledge of the UK’s social care sector.
Greg Manson, Director of Debt Finance at OakNorth, added: “Our ongoing relationship with Grosvenor Hill is a testament to the trust and successful collaboration we have built over time. The formation of its joint venture with Kyte Property will absolutely contribute towards elevating the standards of social care in Bedfordshire’s local community. We look forward to working with both of them on future transactions, as we continue to strengthen our commitment to supporting the UK retirement living and care sectors.”
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