Market Leads & Opportunities
Funding secured for retirement living development
A £12.5m funding package has been secured from Shawbrook Bank to support the completion of a retirement living development in Derby.Last year, Torsion Care secured land at Manor Kingsway to create a Burghley development with 64 individual apartments, communal lounges, a gym, a library, two guest suites and serviced office accommodation.Torsion was already working with Shawbrook on a 361-bed student accommodation project in Lincoln when it approached the bank to discuss funding for the retirement development in Derby.The development finance team at Shawbrook undertook a detailed assessment of the project and decided to extend its facilities to provide property development loans for the retirement and care home sector. The bank structured a £12.5m development finance loan for Torsion to progress the development.
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