"The two loans showcase our ability to deploy our full range of capital to provide funding solutions to investors and developers in the Later Living sector"
- Dan Smith - Broadwood Capital
Broadwood Capital, specialist alternative lender to the Later Living sector, has announced that it has completed two loans to Athena Healthcare Group to fund the development of two care homes in Lancashire.
The first loan supports the ground-up construction of a purpose-built, three-storey care home, comprising 89 ensuite bedrooms in Preston, Lancashire, which will provide residential, nursing and dementia care. The development meets energy use targets and promotes environmentally sustainable construction, satisfying the lending criteria for investment by Broadwood’s Later Living Sustainable Construction Finance Fund.
The second loan provided finance for a two-storey purpose-built care home, comprising 80 ensuite bedrooms in Stalmine, Lancashire, which will provide nursing care. Construction of the home was well advanced at the point of financing, and Broadwood Lending Limited provided the loan from its balance sheet.
“We are delighted to be working with Broadwood, who have been impressive from the outset," comments Athena Healthcare Group CEO, Steven Wiley.
"Their team combines the two very specialist areas of the care home sector and construction, which is essential to support care home developers at a time when accessing the required finance can prove challenging. With Broadwood’s support, our developments at Preston and Stalmine are proceeding well and on track to be completed on time. We are looking forward to a long and fruitful relationship with Broadwood”
Dan Smith, CEO of Broadwood Capital, added, “Pressure on the Later Living sector in the UK continues to mount. Athena has a great track record in care home development, builds excellent facilities and has a real specialism in the North-West of England. We are delighted to support Steven and his team on their latest two developments and look forward to seeing these essential homes come through to completion.”
“The two loans showcase our ability to deploy our full range of capital to provide funding solutions to investors and developers in the Later Living sector. Our Later Living Sustainable Construction Finance Fund invested in the Preston loan, having worked closely with the Borrower to ensure the development achieved our sustainability criteria, resulting in improved design, delivery and superior sustainability credentials.
"We were delighted to have been able to encourage the developer to design and develop the Lower Bartle home in this more sustainable way.”
Voltaire Financial acted as exclusive capital sourcing adviser for Athena Healthcare Group on arranging both loans.
“Having acted for Athena Healthcare since 2014, these loans with Broadwood Capital were the 28th and 29th financings Voltaire has arranged on behalf of this highly valued borrower client," said James Thomlinson, Co-founder of Voltaire Financial.
"The unique development finance offering Broadwood provides to the elderly care home market combines a competitive and flexible product with Dan's long sector track record and knowledge. Athena's outstanding construction ability as well as its own track record in the health and social care marketplace were fundamental to achieving this positive outcome.”
