Cinnamon Luxury Care has secured a £17m loan from Puma Property Finance to deliver a new care home in Thurnby, Leicester.
The loan will be used to convert a brownfield site into a new 73-bed home which will offer 10 care suites. The on-site amenity provision will include a cinema, private dining, a hair salon and café.
Construction is due to begin in December 2024 and the care home is expected to reach practical completion in August 2026.
Tony Throp, director and head of healthcare at Puma Property Finance, said: “We are delighted to support best-in-class care operator, Cinnamon Luxury Care on this new home. This marks our first loan to the group and will help to address the significant shortfall of quality care homes in the Thurnby area, in particular given the majority of existing stock is 20-30 years old.
“With just 14,500 care beds having been delivered since 20203, there is still a huge need to deliver new, quality care homes that can help support the ageing population. We’re looking forward to working with Cinnamon Care Group and building on this relationship in the future.”
Stuart Norris, commercial director at Cinnamon Luxury Care, added: “We are excited to work with Puma Property Finance on this first project together, developing our next new care home in Thurnby, Leicester. There continues to be an urgent need across the UK to deliver good quality care homes and developing this existing brownfield site in an area that has a significant shortfall in care beds will go one step towards addressing this need.”
