“OakNorth’s roots as a founder and entrepreneur-led bank align with Broadwood’s culture and approach, making them an ideal partner. We see this initial £31m facility as the first step in a larger relationship for Broadwood LLSCF Fund as we secure additional investor commitments for our strategy”
– Dan Smith – Broadwood Capital
OakNorth has completed £31m in loan-on-loan facilities to Broadwood LLSCF Lending 1 Ltd, a real estate credit fund managed by Broadwood Capital and backed by Aviva Investors. The funding will support three new care home developments in London, Staffordshire, and Lancashire, delivering a combined 250 care beds.
The three homes are all purpose-built, feature 100% ensuite wet rooms, and meet the sustainability criteria required by the Broadwood LLSCF Fund. Each development is funded through separate loans to specialist care home developers and operators, targeting high-demand locations across the UK.
OakNorth has been a long-term partner of Broadwood since the fund’s inception in 2022, completing multiple transactions totalling over £70m of senior back leverage between Broadwood and its CEO, Dan Smith.
Dan Smith, CEO of Broadwood Capital, said: “The UK’s rapidly ageing population, structural shortfall in specialised later living housing, and limited availability of construction finance, mean there is significant growth potential in the Broadwood LLSCF Fund. OakNorth has been a long-term and supportive funding partner of ours, and we value its commercial, entrepreneurial, responsive, and collaborative approach.”
“OakNorth’s roots as a founder and entrepreneur-led bank align with Broadwood’s culture and approach, making them an ideal partner. We see this initial £31m facility as the first step in a larger relationship for Broadwood LLSCF Fund as we secure additional investor commitments for our strategy.”
Priya Chauhan, director of debt finance at OakNorth, added: “We have supported Broadwood since its inception, and have always appreciated the team’s depth of experience in development finance, their institutional approach to credit risk and underwriting, and their strong and efficient governance, which together ensure decisions are reached on a detailed and informed basis.”
“Broadwood’s highly experienced principals, led by Dan Smith and James Tarry, have deep knowledge across all aspects of real estate development and investment finance, and just like at OakNorth, there is a focus on optimising customer outcomes. We look forward to continuing to support Broadwood on future transactions.”
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