OakNorth Bank has provided a £7.5m loan for the development of a new Springfield Healthcare luxury care home in Beverley, East Yorkshire.
The loan will be used to develop a luxury care home with 79 en-suite care rooms, six care home apartments, and seven retirement flats for sale.
The luxury home will deliver residential and nursing care as well as specialist dementia and working age adult services.
Graeme Lee, Founder and Group CEO of Springfield Healthcare, which is backed by the BGF that predominantly invests in small to mid-sized businesses, commented: “Over the past 50 years, Springfield Healthcare has grown substantially but our core values have remained constant – to ensure the wellbeing of our clients, whether that’s at one of our homes or their own.
“Given the projections for people living with dementia over the next two decades, providing excellent care facilities is only going to become more vital. James and the team at OakNorth Bank had a clear understanding of the sector, as well as the Yorkshire region, and were transparent and collaborative throughout the process. We’re proud to be backed by a bank that has supported some of the strongest operators in the sector.”
James Espley, Director of Property Finance at OakNorth Bank, added: “Graeme has almost three decades of experience in the care sector, having built a successful portfolio of five care homes with strong operational performance.
“Despite the obvious challenges presented by COVID-19, the business has continued to perform well with performance in excess of its revised budget. The fact that it’s managed to secure equity backing from the Business Growth Fund, is a testament to the exceptional work of Graeme and his team, and we look forward to building on the relationship in the future.”