Devon nursing home launches with backing of £5.3m loan
A Gloucester-based lender to the UK property market backed a nursing home with a £5.3m loan.
Moorland Garden Nursing Home, formerly Moorland Garden Hotel in Devon, was financed by a Blackfinch Property development loan.
The new nursing home features 55 ensuite rooms, many with stunning views overlooking Dartmoor.
The nursing home will significantly boost local healthcare provision for dementia and nursing care in the region while providing a broader social impact for Dartmoor with the creation of 60 jobs in the local area.
Blackfinch Property’s investment enabled the company to extend existing buildings, widen corridors and transform rooms and communal areas into high specification and tech-enabled care spaces for residents and staff.
The loan-to-value (LTV) ratio for this investment was 69%, with an exit strategy that refinanced the completed and operational care home onto a long-term debt facility.
Ian Ford, investment manager at Blackfinch Property, said: “It was a pleasure to work with Moorland Garden Ltd on this development to provide much needed nursing home capacity in this stunning area. It’s a great example of the sustainable and community focus that drives our investments.
“The situation in the care sector in the UK is very challenging, and the 2022 figures from CSI Market Intelligence reveal that 247 care homes closed during 2022 and only 123 new ones opened – leaving the sector with a net loss of 124 homes and 230 care beds. Every new care home that opens is significant and a welcome boost to the sector – and we are thrilled we can be part of opening a care home in such a remarkable area, helping boost local healthcare and create local jobs at the same time.”
Yogi Yogendran, director of Moorland Garden, said: “We were really attracted to the property since the majority of the rooms have garden views and extended views out to the moor, which is the perfect care environment. We are delighted to complete and officially open, and look forward to welcoming our first residents into our home.
“Creating a luxury care home on the site has involved making major internal changes to enable larger residential space, and we have also extended existing buildings. We are really pleased with the skills and commitment of local contractors and are looking forward to hiring a significant number of local professionals to provide care for our residents in a great environment.”
Walton Development & Construction are principal contractors in this project.
Moorland Garden Ltd has collaborated with various partners, including ADG (Darlington) for architectural services, Bell Cornwell Planning Consultants for Planning services, Inspired Energy for connectivity solutions, Agile Comms for telephone services, Cutec for IT infrastructure, and Fuel for brand development and website creation.
