Athena Healthcare secures £20m for Lancs later living

Broadwood Capital has provided loans to fund the development of an 89-bed scheme in Preston and an 80-bed project in Stalmine.

Athena Healthcare has secured £20m for the projects from Broadwood’s Later Living Sustainable Construction Finance Fund.

The first loan supports the ground-up construction of a three-storey care home, comprising 89 en-suite bedrooms in Preston. The complex will provide nursing and dementia care.

The second loan will fund a two-storey care home in Stalmine, Wyre. Both projects are expected to complete in 2026.

Steven Wiley, founder and chief executive of Athena Healthcare Group said: “With Broadwood’s support, our developments at Preston and Stalmine are proceeding well and on track to be completed on time.

“We are looking forward to a long and fruitful relationship with Broadwood.”

Dan Smith, chief executive of Broadwood Capital added: “Pressure on the later living sector in the UK continues to mount.

“The two loans showcase our ability to deploy our full range of capital to provide funding solutions to investors and developers in the later living sector.”

Voltaire Financial acted as exclusive capital sourcing adviser for Athena Healthcare Group on arranging both loans.

Broadwood has now funded 450 beds in the later living sector through eight loans totalling £50m.