Southport care home provider seals £20m funding package for two new schemes
Investment group Broadwood Capital, a specialist alternative lender to the later living sector, has completed two loans, worth a total of £20m, to Southport-based Athena Healthcare Group to fund the development of two care homes in Lancashire.
The first loan supports the ground-up construction of a purpose-built, three-storey care home, comprising 89 ensuite bedrooms in Preston, which will provide residential, nursing and dementia care.
The development meets energy use targets and promotes environmentally sustainable construction, satisfying the lending criteria for investment by Broadwood’s Later Living Sustainable Construction Finance Fund.
The second loan provided finance for a two-storey purpose-built care home, comprising 80 ensuite bedrooms in Stalmine, which will provide nursing care.
Construction of the home was well advanced at the point of financing and Broadwood Lending provided the loan from its balance sheet.
Both homes are anticipated to open in early 2026 and will deliver 169 beds to an area experiencing a chronic shortfall of high quality, new purpose-built care homes.
Steven Wiley, founder and CEO of Athena Healthcare Group, said Broadwood has been impressive from the outset: “Their team combines the two very specialist areas of the care home sector and construction, which is essential to support care home developers at a time when accessing the required finance can prove challenging.
“With Broadwood’s support, our developments at Preston and Stalmine are proceeding well and on track to be completed on time. We are looking forward to a long and fruitful relationship with Broadwood.”
Dan Smith, CEO of Broadwood Capital, said: “Pressure on the later living sector in the UK continues to mount. Athena has a great track record in care home development, builds excellent facilities and has a real specialism in the North West of England. We look forward to seeing these essential homes come through to completion.”
Voltaire Financial acted as exclusive capital sourcing adviser for Athena Healthcare Group on arranging both loans. James Thomlinson, co-founder of Voltaire Financial, said: “Having acted for Athena Healthcare since 2014 these loans with Broadwood Capital were the 28th and 29th financings Voltaire has arranged on behalf of this highly valued borrower client.”
Broadwood has now funded around 450 beds in the later living sector through eight loans totalling approximately £50m with loans secured by property encompassing care, assisted living and retirement living.
