Fortwell Capital

Fortwell Capital provides £12.5m facility to care home developer

Fortwell Capital has agreed a £12.5m revolving credit facility with luxury care and retirement homes developer and operator, Cinnamon Care Collection.

The facility will initially be used to fund the development of an 80-bed home and a 64-bed home in Stourbridge and Sutton Coldfield (pictured above), respectively.

The principal lender will support the care home operator’s development pipeline over the next three years.

Fortwell has been lending to the senior living sector since 2014, and has provided over 2,800 new care beds to date.

It had a record year in 2019 by providing over £100m in development finance that helped the construction of care beds in the UK.

Dan Smith, CEO at Fortwell Capital, said: “We strongly believe in the resilience of the care home sector, and are delighted to push ahead with Cinnamon Care Collection.

“We are witnessing an acceleration in the demand for more purpose-built care beds as a result of Covid-19 and are focussed on supporting developers that are actively addressing the needs of the UK’s older generation with the construction of high-quality modern facilities.”

Nick White, associate director at Fortwell Capital, added: “We have been impressed by [the developer’s] exceptional design approach for some time, demonstrating a true understanding of what is required to provide the highest standard of care in the current market.”

In this latest transaction, Fortwell Capital was advised by Blake Morgan, Cushman & Wakefield, Carterwood, and Currie & Brown. 

Shoosmiths acted on behalf of Cinnamon Care Collection. 

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