The funding has been provided to Chatham Waters Care Home Limited, a joint venture between Montpelier Estates and Hervines Group.

Delivered by Montpelier — an experienced healthcare developer — the site will be managed by operational care specialists Hervines upon completion.

The site will include en-suite bedrooms, multiple lounges and dining areas, terraces, bistro, a wellness lounge, hair and beauty salon, cinema and landscaped gardens.

“With the population aged 65 and over in England and Wales forecast to grow significantly, the need for high-quality, purpose-built care accommodation has never been greater,” said Chris Wall, associate director of debt finance at OakNorth.

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“[Montpelier and Hervines] long-standing track records give us strong confidence in their ability to deliver and operate a best-in-class home that meets this rising demand.

“This partnership is exactly the type of experienced and mission-driven team we want to support, and we’re delighted to help bring this much-needed project to life.”

Anna Ciesielska, director at Montpelier Estates, added: “OakNorth’s deep sector understanding, flexibility, and willingness to engage early with our vision made them an ideal funding partner.

“This new home will offer exceptional facilities for residents and their families, and we’re excited to bring modern, purpose-built care provision to a community where demand is growing rapidly."