OakNorth Bank seeds finance to grow Beverley care home
OakNorth Bank has provided a £7.5m loan to Springfield Healthcare for the construction of a luxury care home development in Beverley, East Yorkshire.
The debt finance facility will be used to develop 79 care home rooms, six apartments and seven retirement flats for independent living.
The three-storey luxury care home will deliver residential and nursing care as well as specialist dementia and working age adult services from its location just a short distance from Beverley Minster.
The Beverley development will be family-owned Springfield Healthcare’s sixth facility. The Leeds-based business currently operated around 425 beds across five care homes in York, Leeds and Ilkley.
Springfield Healthcare founder and chief executive Graeme Lee highlighted that the UK currently has 850,000 people suffering with dementia - a figure projected to increase to 1.6 million by 2040.
“Given the projections for people living with dementia over the next two decades, providing excellent care facilities is only going to become more vital,” he said.
“James and the team at OakNorth Bank had a clear understanding of the sector, as well as the Yorkshire region, and were transparent and collaborative throughout the process. We’re proud to be backed by a bank that has supported some of the strongest operators in the sector.”
OakNorth Bank property finance director James Espley added: “Graeme has almost three decades of experience in the care sector, having built a successful portfolio of five care homes with strong operational performance.
"Despite the obvious challenges presented by Covid-19, the business has continued to perform well with performance in excess of its revised budget.”