StepStone Real Estate, Elevation target UK senior living debt market | News

StepStone Real Estate is providing debt finance to senior housing developers and operators across the UK through a new partnership with Elevation Advisors.

UK-based healthcare real estate investment manager, Elevation, said StepStone Real Estate will provide funding for the newly launched strategy, which aims to bring more than £ 20 million in full loans to developers and operators. to finance developments and / or acquisitions.

Elevation said the strategy was seeded with a loan to Oakland Care, a company backed by private equity growth investor Synova. Oakland currently operates six luxury nursing homes with 434 beds across London and the South East, with three more nursing homes under construction and more plots in the planning stage.

Elevation said it will continue to pursue more deals with a “growing exclusive pipeline of future potential investments.”

Andrea Auteri, Managing Partner at Elevation, said: “The strategy will be the third pillar of growth for Elevation and will complement our triple net lease and joint venture platforms.

“We look forward to expanding our relationship with StepStone Real Estate. We are impressed with Oakland’s track record and appreciate the opportunity to work with its seasoned management team and shareholders to accelerate the growth of their business. “

Josh Cleveland, Partner and Head of EMEA at StepStone Real Estate, said, “We are excited to expand our relationship with Elevation with this investment. This investment allows us to increase our exposure to an attractive sector that is driven by demographic trends and has proven to be resilient to various market cycles.

“We recognize the importance of investing with seasoned managers in specialized real estate sectors such as healthcare and senior housing and look forward to capitalizing on Elevation’s leading expertise and track record in these areas.”

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