Puma Property Finance has provided a facility of £18m to fund development of a new care home in Ewell, Surrey.
The loan, provided to Morrison Community Care Group, will deliver an 81-bed scheme.
The development will be built over six floors with communal facilities and amenities, including a salon, cinema and restaurant.
The loan is Puma’s first with MCCG and represents MCCG’s first development within England, having operated primarily in Scotland.
Construction will begin in summer 2024, with the care home expected to reach practical completion in February 2026.
Puma has to date loaned more than £500m to build care homes.
Tony Throp, director and head of healthcare at Puma Property Finance, said: “It is more important than ever that we address the chronic undersupply of quality care beds across the UK, with 78% of care home beds in properties not originally built with care use in mind or over 20 years old.
“Well-designed healthcare developments are essential to meet this shortfall and we provide loans to schemes that endeavour to be as ‘future-proof’ as possible. This development will help to address the significant need for care beds in Ewell and the surrounding areas.”
Image © MCCG
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