The McGoff Group has secured a £13m funding facility from Virgin Money to support Herne Bay Manor - the first care home under its new Dunham Care operator division.
The group said the five-year loan will support the continued stabilisation and long-term maturity of the Kent home, which opened earlier this year, forming part of a wider senior living development in the coastal town.
The transaction refinances the original development funding provided by Octopus Real Estate, which supported the wider Herne Bay scheme, the firm said. This includes a ‘retirement village’ of 50 Villafont Concierge bungalows.
The deal also marks the beginning of a new funding relationship between the McGoff Group and Virgin Money, with both parties indicating plans to build on the partnership as the Group expands its healthcare portfolio, according to a McGoff statement.
McGoff said previously that it has a further eight care home settings in its pipeline that either have planning consent or are subject to imminent planning applications, and are expected to be delivered over the next five to seven years, including a planned cluster of developments in the South-East as the group looks to widen its footprint.
The funding was facilitated by Hive Capital Advisory, led by Nick White, while Virgin Money relationship director Jonathan Russell, relationship director said the lender was pleased to support the Group’s first operational home under the Dunham Care brand.
