The facility — which will be in place during the initial operational phase — has enabled the care home operator to repay its original development finance provider as well as purchase an additional site for another proposed care home.
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Located in a town between Wolverhampton and Walsall, the recently completed 73-bed care home is spread across three floors and will provide modern, high-quality facilities for its residents.
“We are delighted to have helped this experienced West Midlands care home operator grow their portfolio of sites, while drawing on our expertise in lending to operational businesses to support them as they open this new care home,” said Paul O’Kane, senior manager at Puma Property Finance.
“Employing our experience of the care home sector, we see this as the start of a long and beneficial relationship.”
Puma recently hired a new associate and also completed a £12.5m loan for the modular development of a Hampton by Hilton hotel in Kent.