Puma Property Finance facilitates £17m loan to fund new care home in Thurnby, Leicester
Puma Property Finance has facilitated a £17m loan to Cinnamon Luxury Care to deliver a new 73-bed care home in Thurnby, Leicester. This marks the first loan Puma has provided to Cinnamon Luxury Care and will help support the significant shortfall in quality care homes in the local area.
The £17m loan will convert an existing brownfield site in Thurnby, Leicester to deliver the new 73-bed home which includes ten care suites. These suites will provide a bedroom with ensuite-wetrooms and their own separate living room and kitchenette area. The new home will target an EPC A rating and will comprise a traditional build with pre-cast concrete planked floors, alongside a brick and cladding façade. With ensuite-wetrooms as standard, it will include amenities such as dining and sitting rooms, a cinema, private dining, a hair salon and café.
The new home will address the significant shortfall of care beds in the local area, with a total population (within a 5-mile radius) of 397,975 with 2.1% 85 years plus1. The majority of care homes are 20-30 years old with a lack of wet room provision2. Construction is set to begin in December 2024 and the care home is expected to reach practical completion in August 2026.
To date, Puma Property Finance has facilitated loans of over £500m to fund new build care homes.
Tony Throp, Director and Head of Healthcare at Puma Property Finance, comments:
“We are delighted to support best-in-class care operator, Cinnamon Luxury Care on this new home. This marks our first loan to the group and will help to address the significant shortfall of quality care homes in the Thurnby area, in particular given the majority of existing stock is 20-30 years old.
“With just 14,500 care beds having been delivered since 20203, there is still a huge need to deliver new, quality care homes that can help support the ageing population. We’re looking forward to working with Cinnamon Care Group and building on this relationship in the future.”
Stuart Norris, Commercial Director at Cinnamon Luxury Care, comments:
“We are excited to work with Puma Property Finance on this first project together, developing our next new care home in Thurnby, Leicester.
“There continues to be an urgent need across the UK to deliver good quality care homes and developing this existing brownfield site in an area that has a significant shortfall in care beds will go one step towards addressing this need.”
1 Carterwood data
2 Carterwood data
3 Savills UK Care Home Development report
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