Athena Healthcare Group has secured loans totalling £20m from specialist later living sector lender Broadwood Capital to fund the development of two care homes in Lancashire.
The first loan will support the ground-up construction of a three-storey care home, providing 89 ensuite bedrooms, in Preston. The development meets energy use targets and promotes environmentally sustainable construction, satisfying the lending criteria for investment by Broadwood’s Later Living Sustainable Construction Finance Fund.
The second loan will fund the delivery of a two-storey purpose-built care home comprising 80 ensuite bedrooms in Stalmine, which will provide nursing care. Both homes are anticipated to open in early 2026.
Steven Wiley, founder and CEO of Athena Healthcare Group, said: “We are delighted to be working with Broadwood, who have been impressive from the outset. Their team combines the two very specialist areas of the care home sector and construction, which is essential to support care home developers at a time when accessing the required finance can prove challenging. 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, CEO of Broadwood Capital, added: “Pressure on the later living sector in the UK continues to mount. Athena has a great track record in care home development, builds excellent facilities and has a real specialism in the North West of England. We are delighted to support Steven and his team on their latest two developments and look forward to seeing these essential homes come through to completion.”
“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. Our Later Living Sustainable Construction Finance Fund invested in the Preston loan having worked closely with the borrower to ensure the development achieved our sustainability criteria, resulting in improved design, delivery and superior sustainability credentials. We were delighted to have been able to encourage the developer to design and develop the Lower Bartle home in this more sustainable way.”
James Thomlinson, co-founder of Voltaire Financial, which acted as exclusive capital sourcing adviser for Athena Healthcare Group on both loans, said: “Having acted for Athena Healthcare since 2014 these loans with Broadwood Capital were the 28th and 29th financings Voltaire has arranged on behalf of this highly valued borrower client. The unique development finance offering Broadwood provides to the elderly care home market combines a competitive and flexible product with Dan’s long sector track record and knowledge. Athena’s outstanding construction ability as well as its own track record in the health and social care marketplace were fundamental to achieving this positive outcome.”
