CashNews.co
Property developer Zephyr X has secured £20 million in loans from Puma Property Finance to finance two new build care homes in Southeast England.
A £13 million loan has been provided for an 80-bed all-electric care home in Reigate, Surrey, on the site of a former independent hospital. The home will include amenities such as a hairdresser, cinema/entertainment room, private dining room, café area, a gym and 100% wet rooms. Construction is under way and the home is expected to reach practical completion in December next year.
A £7 million loan has been provided to deliver a new 45-bed care home in Whitchurch-on-Thames, Berkshire. The home will offer all en suite wet rooms, plus amenities including lounges, dining rooms, therapy room, hair salon and a café/bistro. Construction is progressing and the home is expected to reach practical completion in January.
Zephyr X’s founder Adam Faulkner said: “We are thrilled to embark on the renovation and development of these two new stunning care homes. Our vision is to create spaces that provide exceptional care and comfort for residents, reflecting the beauty and tranquility of their surroundings.”
Tony Throp, director and head of healthcare at Puma Property Finance, commented: “It is more important than ever that we address the chronic undersupply of quality care beds across the UK, with 144,000 additional care homes needed to meet population growth in the next 10 years. Well-designed healthcare developments are essential to meet this shortfall and we are delighted that through partnering with Zephyr X we can support the construction of two new care homes.
“Both schemes will address the significant need for care beds in these micro locations, for example in Whitchurch and the surrounding areas there has been just one new scheme built in the last 13 years and 60% of the total stock was built over 18 years ago.”
Puma stated it has supported Zephyr X on four care home developments.
