Eldridge Real Estate Credit has provided Morar Care, in partnership with Simply UK, a £96.7m (€114.6m) loan to refinance and develop luxury care facilities across Scotland and South East England.
The capital will be used to refinance five existing care homes and finance the development of new facilities in Frinton and Billericay.
Once completed, the portfolio will offer 496 operational beds across seven locations, including North Berwick, Dunfermline, Inverness, St Andrews and Wimborne.
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, said: “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.”
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