The development-focused property finance business of Puma Investments has completed a £9m loan to fund a 68-bedroom care home in Cheadle, Greater Manchester.
Development-led provider New Care will be developing and operating the property, which is due to complete in 2020.
The deal follows a £9.5m loan to fund a 71-bed care home in Bramhall, Greater Manchester, as well as two care home developments in Chester, Cheshire, and Formby, Merseyside, which have completed.
Tony Throp, Puma Property Finance director, said: ‘With an ongoing shortfall in care home places across the country, Puma Property Finance is committed to supporting experienced developers in this important sector. It remains a key focus for us as we continue to grow our loan book across alternative sectors in 2019 and beyond.’
This year the business, which delivers development loans from £3m to £30m to finance residential, commercial and specialist sector projects such as hotels, student accommodation, care homes and supported living projects, has provided more than £100m in loans.
Beyond Corporate Law advised New Care on the deal, while DAC Beachcroft advised Puma Property Finance on all legal aspects. The DAC Beachcroft team was led by Mike Pearce (finance) and Stan Campbell (real estate).