Care home and senior living operator and developer MACC Group (MACC) has secured financing of circa £60m from Elevation Credit Partners III (ECP III), a senior housing credit fund advised by Elevation Advisors (Elevation).
The financing will be used to fund the development of three new care homes in addition to an investment term loan secured on a high quality care home to refinance development debt and provide working capital to the wider group.
The three new construction projects are located in areas with a notable undersupply of wet room facilities and will collectively add 244 wet room beds.
ECP III’s strategy is to provide operators and developers of UK senior housing real estate with a range of customised loan financing options including investment term loans, development loans, mezzanine loans and preferred equity.
Zach Smith, investment director at Elevation, said: “We are excited to continue our strong relationship with MACC built over the last three years with a significant multi-scheme financing package tailored to the group’s ambitions. Supporting MACC’s growth, with the group’s very high standards in both operations and build quality, aligns squarely with ECP III’s purpose of working with best-in-class operators and developers to deliver bespoke funding solutions for sustainable growth.”
