Blackfinch Property completes £7.3m care home development loan
Financing will be used to develop a 71-bedroom care home in Rubery, Birmingham
Blackfinch Property has completed a £7.3m loan, with a loan duration of 19 months, which will be used for the purchase of land and the development of a 71-bedroom care home in Rubery, a village located nine miles from Birmingham’s city centre.
The development will rejuvenate a disused brownfield site (a demolished pub) and will deliver a high-quality care option for residents in the community. The care home will be designed across three floors to meet varying degrees of care, and will have a strong focus on the wellbeing of its residents, and addressing their specific needs.
John Hartigan, Senior Investment Manager at Blackfinch Property, said: “We were delighted to work with the borrowers, Nick and Jamie Sellman from Birmingham based property developer, Urban Village Group, and their team again on this exciting development. As they had already exchanged on the land purchase, funding had to be put in place quickly. We were able to step in with loan terms that ensured the purchase could be completed and the project could move forward.
“Given the growing demand for elderly care facilities in the UK, we are particularly proud to help revive a disused brownfield site and help turn it into a high-quality care facility that meets the needs of the local community.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information, email [email protected]