Loan agreed to support development of care home
OakNorth Bank has completed a loan to Macc Care, the care home group based in Birmingham, to support the the development of a new major care home in Solihull.
This is the second Macc care home that OakNorth has funded following the successful completion and opening of Willow Rose in Willenhall, Walsall.
The capital will be used to develop a new care home in Blythe Valley Park, a mixed-use business and leisure development on the edge of Solihull.
The 55,000 sq ft development will comprise 80 bedrooms, a lounge and dining space, a cinema, hair salon, an activity room, and dozens of parking spaces.
Macc Care’s directors said: “We’re grateful to the team at OakNorth Bank who have a clear understanding of this sector and were able to provide us with the financial support we need to get this development started.
“The Blythe valley care home site is advantageously situated at the heart of the new development, opposite the neighbourhood centre and adjacent to a 4.5-acre landscaped community amenity green space. We plan to develop a dementia focused facility which Solihull will be proud of.”
Stuart Blair, debt finance director at OakNorth Bank, said: “We’ve been extremely impressed by the growth and performance of Macc Care. The team has successfully developed several care homes of this size in the past and are running them profitably with average occupancy at mature sites of over 90%.
“The business is owned by two qualified doctors who have the experience and credentials to successfully fill new build homes and operate them well bearing in mind future challenges presented by COVID-19. OakNorth Bank has supported a number of care home businesses this year – it’s a sector with huge growth potential so we’re keen to do more in this space in the future.”