Tudor Grange

Fortwell Capital writes £26m of loans for MaccGroup

Fortwell Capital has written development and refinancing loans totalling £26m for residential care developer MaccGroup.

This includes a development facility for Tudor Grange — a scheme in Solihull, West Midlands — that will provide a 64-bed care home as well as 44 retirement living apartments over the next three years.

This is the principal lender’s first deal involving retirement living.

Fortwell Capital has also refinanced Abbey Rose — a newly built 85-bed care home in Erdington, Birmingham — and recently increased its debt facility to LNT Care Developments to £70m.

The lender has now deployed more than £230m since February.

“We’ve been impressed by both the quality of Macc’s developments and the performance of its operational business, and these new facilities will help support the company’s growth,” said Dan Smith, chief executive officer at Fortwell Capital.

“As demand for retirement living and care homes grows in line with the UK’s ageing population, they remain key sectors of focus for us, and it is great to build a new relationship with an established provider such as Macc.”

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