Real estate lender Fortwell Capital has provided development and refinancing loans totalling £26m for residential and care developer and operator, Macc Group.
The loans include a development facility for Tudor Grange in Solihull, West Midlands (pictured), which will provide a 64-bed care home and 44 retirement living apartments over the next three years, and the refinancing of the newly-built, 85-bed, Abbey Rose care home in Erdington, Birmingham.
Dan Smith, Chief Executive Officer of Fortwell Capital, said: “We’ve been impressed by both the quality of Macc’s developments and the performance of its operational business, and these new facilities will help support the company’s growth. As demand for retirement living and care homes grows in line with the UK’s ageing population, they remain key sectors of focus for us, and it is great to build a new relationship with an established provider such as Macc.”
Macc Group added: “In Fortwell, we have found a finance partner that not only has the capital available to support our development, but also clearly understands the dynamics of the care home and retirement living sectors, appreciates an entrepreneurial mindset, and has a ‘let’s get it done’ attitude. Fortwell’s expertise will contribute greatly to this vital and growing sector.”
The new loans underline Fortwell’s interest in retirement living and care homes, with a current exposure to the sector of around £100 million. The lender recently increased its debt facility to LNT Care Developments to £70 million.
Founded in 2004, Macc Group has developed and operates six care homes in the Birmingham area, with two further care homes due to open later this year.