Downing LLP has provided a pre-development bridging loan of £16.4m to finance the acquisition of two care home development sites in Essex and London for a term of 15 months.
The facility was agreed upon and completed in around six weeks to meet the borrower’s tight timescales.
Planning consent has been granted for two modern purpose-built elderly residential care homes with a total of 190 ensuite rooms.
Downing will work alongside the operator to convert the bridging loan into a development loan.
As a healthcare investor, Downing continues to accelerate growth in this needs-based market.
Additionally, the elderly residential care sector aligns perfectly with Downing’s environmental, social and governance (ESG) principles and targets.
