OakNorth Bank – the UK bank powered by OakNorth – has completed a £26.3m loan to Frogmore, the UK-focussed, fully integrated real estate investment manager which has invested and sold over £7bn of real estate since 1995.
Frogmore will use the capital to develop a 35-bedroom specialist dementia care home situated at 74-76 Prince’s Square in the City of Westminster. This is the second in a portfolio of four specialist care homes that Frogmore is developing alongside specialist operator – Loveday. The first of the care homes, Chelsea Court Place, is open, fully operational, and currently at 100% capacity with a waitlist. Frogmore has two additional care homes in the pipeline – both in central London. As well as offering luxury facilities such as a cinema and library room, a spa and a private dining room, all the homes will have significantly more staff per member (resident) than is the norm in the industry.
Commenting on the transaction, Andy Rogers, Chief Operating Officer and Group Treasurer said: “Over the last 15 years, the percentage of people diagnosed with dementia in Westminster has increased by 32%, yet despite this, the borough has the second lowest number of registered beds for dementia, with only three beds for every 100 patients. There is therefore a clear need for new specialist dementia care homes in the borough which is why we’re delighted to be breaking ground on this new project and are grateful to OakNorth Bank’s ongoing support.”
Damien Hughes, Senior Property Finance Director at OakNorth Bank, commented: “We’ve now worked with the team at Frogmore on several projects and despite care homes being a new area for the business, it has already proven with its first site in Chelsea Court Place, that it has a clear understanding of what members and their families are looking for. Frogmore’s chosen partner for this portfolio, Loveday, has enviable experience in this area, and together, they’re building a strong portfolio offering invaluable support to those they care for.”
Notes to editors
About OakNorth Bank plc
OakNorth Bank provides fast, flexible and accessible debt finance (from £500k to £50m) to fast-growth businesses and established property developers / investors. It has debt finance teams in London, Manchester, Bristol, Birmingham, Leeds and East Anglia.
Since its launch, the bank has:
• Lent over £4.6bn, directly helping with the creation of 16,000 new homes and almost 20,000 new jobs in the UK;
• Raised deposits from c.160,000 savers;
• Supported over 750 businesses across the UK with the debt finance to pursue their growth ambitions
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.