Eldridge Real Estate Credit has provided a £96.7m loan to Morar Care Group, in partnership with Simply UK, to support the refinancing and development of care facilities across Scotland and South East England.
The loan will be used to refinance five operational assets and provide financing for the development of two new care homes. Upon completion, the portfolio will comprise 496 operational beds across seven locations.
John Cole, global head of real estate credit at Eldridge Capital Management, said: “With the median age in the UK rising, there is a growing demand for high-quality residential care homes. The team at Morar Care Group has consistently responded to this demand, developing care facilities where resident comfort and well-being is the top priority.”
Chris O’Brien, CEO of Morar Care Group, added: “This financing enables us to continue delivering premium care to the communities and individuals that need it most. We look forward to our continued partnership with Eldridge Real Estate Credit as we expand our footprint across the UK.”
