Pacalis Developments, the assisted living homes provider, has secured £25m of equity and debt from Oaknorth Bank and Cogress.
The funding facility, which was completed by advisers Carpe Diem Property, comprises a £19m senior debt tranche from Oaknorth, a £5.25m mezzanine tranche from Cogress and equity placed in the scheme by Carpe Diem alongside a family office.
It will give Pacalis, which specialises in luxury assisted living homes, the funding to deliver 70 two-bedroom properties in Petersfield, Hampshire.
David Boden, chief executive of Pacalis, said: “Carpe Diem Property remains an invaluable highly creative capital advisory partner. It has assisted us not only in our capital raising requirement but also in securing our future site pipeline as jv partners.
“The retirement living sector is evolving at a rapid pace and demand is already outstripping supply for luxury homes.”
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