Led by Mark Witherington, senior originator at Pallas Capital (pictured above), the 16-month development facility was structured at 65% LTGDV.

The loan will fund the refinance of the existing debt and the construction of a new assisted living development.

The transaction was introduced by Miles Wallace of The Commercial Branch, a broker who has a longstanding relationship with Mark.

The transaction involved a number of professional advisers — including Robert Hutchins of AWH (valuer), Ruaidhri Mulligan of TSA Riley (monitoring surveyor) and Danielle Fewtrell of Brechers (legals) — whose collaboration helped bring the deal to completion.

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Mark commented: “This transaction demonstrates our willingness to support experienced developers moving into new asset classes where the fundamentals of the project are strong and the sponsor has a proven delivery track record.

“Assisted living is a growing sector with strong demand, and our experience in this space allowed us to structure a facility that worked for both the borrower and the project.

“Despite some delays outside everyone’s control, the transaction progressed well overall and we were pleased to support an increase in the facility following a reassessment of costs.”

Pallas Capital will continue to support the borrower through the development period, with the project expected to refinance onto a term facility upon completion and stabilisation.