Fortwell Capital writes £26m of loans for Macc Care
Principal lender to developers and investors within the UK real estate sector has written loans of £26m for a residential care developer and operator.
The loans to MaccGroup bring the capital deployed by the lender since February to more than £230m.
This includes Fortwell’s first deal involving retirement living – a development facility for Tudor Grange, a new scheme in Solihull that will provide a 64-bed care home and 44 retirement living apartments over the next three years.
Abbey Rose, a newly-built 85-bed care home in Erdington, Birmingham has also been refinanced.
The lender recently increased its debt facility to LNT Care Developments to £70m.
Founded in 2004, Macc Group has developed and operates six care homes in the Birmingham area, with two further care homes due to open later this year.
Dan Smith, chief executive officer of Fortwell Capital, said: “We’ve been impressed by both the quality of Macc’s developments and the performance of its operational business, and these new facilities will help support the company’s growth.
“As demand for retirement living and care homes grows in line with the UK’s aging population, they remain key sectors of focus for us, and it is great to build a new relationship with an established provider such as Macc.”
A spokesman for Macc Group added: “In Fortwell, we have found a finance partner that not only has the capital available to support our development, but also understands the dynamics of the care home and retirement living sectors, appreciates an entrepreneurial mindset, and has a ‘let’s get it done’ attitude.
“Fortwell’s expertise will contribute greatly to this vital and growing sector.”