Broadwood Capital has completed a £2.9m stabilisation facility to Simply Care Group UK for an adult supported living scheme in Preston.
The loan is secured on a circa. 16,000 sq ft, 16-unit residential apartment block at Preston Marina, which was developed by Simply Care Group UK and reached practical completion in July 2023.
Dan Smith, CEO of Broadwood Capital, said: “Adult supported living properties such as the one developed by Simply at Preston are in very short supply in the UK and deliver vital accommodation. Properties such as this ensure adults receive the specialist tailored care they need and ease pressure on hospitals and other care services. This is the second loan we have concluded with Gary Sharp and Chris O’Brien of Simply Care Group UK this year and we are delighted to support their development activities.”
Gary Sharp, founder of Simply Care Group UK added: “Adult supported living is a highly specialist area in the UK care market and one which is desperately under supplied. Very few lenders are prepared to consider such a specialist use and we are thankful Broadwood has the vision, knowledge and expertise to support this important asset class.”
