Broadwood Capital loans £15m for brace of later living developments

Broadwood Capital has funded two developments in the UK later living sector with a total of £15m. It signed a £13m development finance facility with Simply UK to support the construction of a three-storey care home providing 60 rooms in Uxbridge, London. The care facility will provide residential, nursing and dementia support. The second loan was a £2m acquisition facility to support MACC Care Group’s purchase of a site in Staffordshire, where it will look to deliver an 80-bed care home. Thomas Meany, investment manager at Simply UK, said: “This is the third loan we have completed with Broadwood in the past two years. “The team has a detailed understanding of both the care sector and construction, which is essential to support us as developers. “Uxbridge will be a flagship addition to the Simply portfolio and we are looking forward to working with Broadwood on delivering this prime asset in west London.” Dan Smith, chief executive of Broadwood Capital, said: “The later living sector remains a key focus for Broadwood Capital. “The ageing demographic in the UK continues to create huge pressures on a sector which is undersupplied, and we are very proud to be able to support the construction and development of much-needed new facilities. Broadwood has now funded 300 beds in the later living sector through six loans totalling £30m, with loans to property encompassing care, assisted living and retirement living. Image © Simply UK