Assetz Capital funds £6m luxury care home
Peer-to-peer lender Assetz Capital has provided a £6m facility to Macc Group to fund the construction of Birmingham-based care home, Abbey Rose.
Headed by Drs Naz Nathani and Sanjay Agarwal, Macc Group develop and operate residential, nursing and dementia facilities. The firm currently operates six care homes across Birmingham and West Midlands, with a further two homes set to open before the end of the year.
Its most recent development, Abbey Rose, was commissioned in May 2019. It boasts 85 bedrooms with leisure facilities including a hair salon, wellness suite, cinema, gym and garden room retreat. In addition to this, the home offers around the clock nursing care alongside a specifically designed dementia unit and bariatric rooms. Abbey Rose currently has a rating of 9.4/10 on carehome.co.uk, the UK’s leading care home reviews website.
David Penston, managing director of Property Loans at Assetz Capital said: “It is great to see Abbey Rose up and running following the delivery of a complex finance package from Assetz Capital. The site has been a key part of the local community, having previously been a local pub, so we needed to provide a bridging loan to help acquire the land, which transitioned into a development loan to fund the building’s construction.
“The Office for National Statistics predicts that by 2024, the over 65 age group will account for more than 20% of the population, meaning these types of facilities are becoming increasingly important. The directors at the helm of Macc Group have vast experience in developing modern care homes and delivering care to older people and we have developed a very strong working relationship with the team throughout the financing process. We look forward to continuing our work with Macc Group as it looks to further bolster its portfolio with more sites across the country.”
Naz Nathani, director at Macc Group said: “It is always a pleasure to discuss a project with David. He adds value with his vast experience, meticulousness, and his ability to innovate in order to make a deal happen. His team understands the property development dynamics very well, and that is evidenced by the complex nature of the loan they have managed to construct. We look forward to working with Assetz Capital again in near future.”