The unspecified development loan, structured over 21 months, will be used to deliver the purpose-built care home which will comprise 98 ensuite bedrooms.

The 1.3-acre site currently hosts a vacant office building but planning permission has already been secured for the care home.

Completion is being targeted for early next year.

Broadwood made the commitment via its Broadwood Later Living Sustainable Construction Finance Fund as the plans meet key sustainability criteria and will include fossil fuel free heating, EPC A rating, low embodied carbon and EV charging points.

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“MACC is an operator with a proven business model and clear market proposition, and we are happy to help play our part on its continued growth path,” said Dan Smith, CEO at Broadwood Capital.

“This is yet another quality scheme in an under-served market and we’re pleased to help facilitate new development and adding to the pipeline of new care home provision.”

Naz Nathani, founder and CEO of MACC Care Group, added: “This is our third loan with Broadwood which is a key supporter of MACC’s growth.

“We value access to an experienced and knowledgeable funder which understands both the development process and the intricacies of the care home market.”