Broadwood Capital completes £2.9m loan to Simply Care Group
Broadwood Capital, alternative lender to real estate investors and developers in the UK, has completed a £2.9mn stabilisation facility to Simply Care Group UK, a specialist developer and operator of care homes, for an Adult Supported Living scheme in Preston.
The loan is secured by a c. 16,000 sqft, 16-unit residential apartment block at Preston Marina, Preston.
The property was developed by Simply Care Group UK and reached practical completion in July 2023.
The apartments will be made available to adults who require supported and assisted living with Simply Care UK Group providing care services.
Dan Smith, CEO of Broadwood Capital commented:
“Adult supported living properties such as the one developed by Simply at Preston are in very short supply in the UK and deliver vital accommodation.
Properties such as this ensure adults receive the specialist tailored care they need and ease pressure on hospitals and other care services.
This is the second loan we have concluded with Gary Sharp and Chris O’Brien of Simply Care Group UK this year and we are delighted to support their development activities.”
Earlier this year, Broadwood Capital completed a development loan for Simply Care Group, as it continued to expand its pipeline.
The care and later living sectors are a key focus for Broadwood Capital and the team is actively looking to grow its loan book.
Broadwood Capital targets loans of between £1mn to £20mn and is looking to support experienced investors and developers on projects which are more complex, require a bespoke solution or need higher leverage.
This covers mainstream commercial and residential markets, in addition to specializing in the alternative real estate sectors.
Gary Sharp, Founder of Simply Care Group UK added:
“Adult supported living is a highly specialist area in the UK care market and one which is desperately under supplied.
Very few lenders are prepared to consider such a specialist use and we are thankful Broadwood has the vision, knowledge and expertise to support this important asset class”.