Care home developer and operator New Care, part of the McGoff Group, has completed an £8m refinancing deal with Yorkshire Bank to support its recently-opened £15m scheme in Chester.
Advised by law firm Beyond Corporate, New Care’s deal will support the operation of the 81-bed care home on Heath Lane in Chester for the first few years of trading.
The care home, designed by Street Design Partnership, has been delivered by McGoff Construction following an 18-month build programme.
Chris McGoff, New Care chief executive said: “It’s great to officially open the doors to Grosvenor Manor, our fourth ‘new generation’ care centre in the UK.
“Response from investors and the local community has been fantastic and we are grateful to Yorkshire Bank for providing us with the necessary finance to get the home off to a great start during this critical initial period.”
Associate director at Yorkshire Bank Andrew Boggis added: “New Care is a professional developer and operator with a proven track record and we are happy to help facilitate their vision for future projects.
“The directors and employees should rightly be proud of what they have delivered with Grosvenor Manor, it is a fantastic care facility that really sets new standards in Chester.”
Yorkshire Bank was advised by Squire Patton Boggs, while New Care received specialist healthcare advice from Optimum Healthcare Solutions.
New Care has opened two care homes in the North West so far this year – Ashlands in Sale, and The Hamptons in Lytham – and also operates sites in Nottinghamshire.
It has also started work on a £15m facility in Formby, which is due to open in early 2019.