Blackfinch Property loan finances new Dartmoor home

Located in Dartmoor, Devon, the former Moorland Garden Hotel was developed into a nursing home courtesy of £5.3 million development loan.

The new home features 55 en suite rooms, many with views overlooking the Moor. The home will boost local provision for dementia and nursing care while creating 60 jobs. The loan-to-value (LTV) ratio for the investment was 69 per cent, with an exit strategy that refinanced the completed and operational care home onto a long-term debt facility.

Blackfinch Property investment manager Ian Ford said: “It was a pleasure to work with Moorland Garden Ltd on this development to provide much needed nursing home capacity in this stunning area. It’s a great example of the sustainable and community focus that drives our investments.

“The situation in the care sector in the UK is very challenging, and the 2022 figures from CSI Market Intelligence reveal that 247 care homes closed during 2022 and only 123 new ones opened – leaving the sector with a net loss of 124 homes and 230 care beds. Every new care home that opens is significant and a welcome boost to the sector – and we are thrilled we can be part of opening a care home in such a remarkable area, helping boost local healthcare and create local jobs at the same time.”

Yogi Yogendran, director of Moorland Garden Ltd, said: “We were really attracted to the property since the majority of the rooms have garden views and extended views out to the moor, which is the perfect care environment. We are delighted to complete and officially open and look forward to welcoming our first residents into our home.

“Creating a luxury care home on the site has involved making major internal changes to enable larger residential space, and we have also extended existing buildings. We are really pleased with the skills and commitment of local contractors and are looking forward to hiring a significant number of local professionals to provide care for our residents in a great environment.”