OakNorth Bank has provided a £4.4m loan to complete construction of a new care home in South London that would have otherwise been delayed due to Covid-19.
The Coronavirus Business Interruption Loan Scheme (CBILS) is being provided to the owner of the Beulah Vista Caring Home, a 60-bed purpose-built home in Upper Norwood.
Once built, the 38,000 square feet development will offer dementia, residential and nursing care and include a bistro-style café bar, a hair salon with nail bar, lounges, dining rooms, a family room for events, a cinema and meditation room.
The property is situated at the most elevated point on Beulah Hill, providing residents with views of the London skyline - The Shard, The Gherkin and Canary Wharf - to the north, and Surrey Hills to the south.
“The fallout of the pandemic has marred the care home sector. Over the past year, small independent care homes have been significantly impacted, as most care home operators and owners lacked the liquidity, infrastructure and scale to cope with the virus,” said OakNorth Bank associate Sammy Bajaj.
“We are therefore pleased to support the final stages of this development and bring a new care home to market. Rakesh and his team have a strong track record in this space, having successfully operated another care home for the last eight years [Chestnut Lodge in Tonbridge], which is experiencing high occupancy and has a good CQC rating,” he added.
London Belgravia Specialist Finance facilitated the introduction.
