OakNorth Bank has completed a £26.3m loan to Frogmore, the UK-focussed, fully integrated real estate investment manager which has invested and sold over £7bn of real estate since 1995.
Frogmore will use the capital to develop a 35-bedroom specialist dementia care home situated at 74-76 Prince’s Square in the City of Westminster. This is the second in a portfolio of four specialist care homes that Frogmore is developing alongside specialist operator – Loveday. The first of the care homes, Chelsea Court Place, is open, fully operational, and currently at 100% capacity with a waitlist. Frogmore has two additional care homes in the pipeline – both in central London. As well as offering luxury facilities such as a cinema and library room, a spa and a private dining room, all the homes will have significantly more staff per member (resident) than is the norm in the industry.
Commenting on the transaction, Andy Rogers, Chief Operating Officer and Group Treasurer said: “Over the last 15 years, the percentage of people diagnosed with dementia in Westminster has increased by 32%, yet despite this, the borough has the second lowest number of registered beds for dementia, with only three beds for every 100 patients. There is therefore a clear need for new specialist dementia care homes in the borough which is why we’re delighted to be breaking ground on this new project and are grateful to OakNorth Bank’s ongoing support.”
Damien Hughes, Senior Property Finance Director at OakNorth, commented: “We’ve now worked with the team at Frogmore on several projects and despite care homes being a new area for the business, it has already proven with its first site in Chelsea Court Place, that it has a clear understanding of what members and their families are looking for. Frogmore’s chosen partner for this portfolio, Loveday, has enviable experience in this area, and together, they’re building a strong portfolio offering invaluable support to those they care for.”