Pivot has completed a £4.1m development exit facility for Torsion Care, supporting the stabilisation and sale of a completed retirement living scheme in Thornton-Cleveleys, Lancashire.
The loan was secured against 29 self-contained one- and two-bedroom apartments at Royles Lodge, a purpose-built retirement development for residents aged 55 and over.
The development sits within the wider Marsh Mill Village, close to the Fylde Coast.
The development reached practical completion in 2023.
The funding enabled Torsion Care to refinance its original development facility while allowing time to execute a dual-track strategy of unit sales and long-term lettings.
12 units have already been sold to date, with a dedicated on-site sales team now in place and marketing across multiple platforms.
Martin Hutson of Torsion Care, said: “We’re delighted to partner with Pivot on this transaction. Their understanding of the retirement living sector and ability to tailor a structure around both sales and lettings gives us the flexibility to maximise value at Royles Lodge.
“We’re also pleased to deliver another high-quality scheme that meets growing demand for independent living options for over-55s.”
Andreas Yianni, commercial director at Pivot, added: “It’s a pleasure to support Torsion Care, a highly capable operator with a growing track record in the care and retirement living sector.
“This deal reflects our appetite to fund completed, high-quality schemes and committed sponsor.
“We’re proud to play a role in bringing more housing to the market that is tailored to supportive living.”
