Alternative finance provider ThinCats has provided a £1.5m refinance and acquisition funding package for Avatara Inc Ltd, owners of Casterbridge Manor.
Casterbridge Manor, which is run by husband and wife team Chetan Borkhatria and Suri Kalyan, is located in Cerne Abbas near Dorchester.
The 62-bed purpose-built care home acquired in 2016 offers residential, nursing and specialist dementia care.
Avatara, which was introduced to ThinCats by Sean Hurden, Senior Broker at Chandler & Co, specialist care home mortgage brokers based in Kent, also plans to acquire a previously closed, 34-bed home in Winterbourne Steepleton, Dorset, which is to be renamed Casterbridge Lodge.
Chetan said: “Casterbridge Manor is a very well-loved care home by our residents, their families, and our staff, and we are looking forward to launching Casterbridge Lodge, enabling us to offer the same amazing level of care and attention to even more residents. Chandler & Co has done a great job in recommending ThinCats, and we are delighted that the funding has been finalised.”
Sean Hurden, Senior Broker, Chandlers, added: “Chetan and Suri have a reputation for turning around failing or distressed homes and Casterbridge Lodge will complement their existing home, Casterbridge Manor extremely well. The fact that a funding package was agreed expeditiously and processed in a timely manner is testament to the ability and professionalism of Richard and his team at Thincats.”
Richard Henshaw, Director National Development Healthcare, ThinCats, commented: “Chetan and Suri are extremely experienced in high quality care home provision, and I have no doubt that Casterbridge Lodge will be just as impressive as Casterbridge Manor. We are very pleased to be continuing to provide support to the healthcare sector, and look forward to seeing the home open under their expert care.”