OakNorth Bank has lent £26.3 million to real estate investment manager Frogmore to develop a 35-bedroom specialist dementia care home in Westminster.
This is the second of four specialist care homes that Frogmore is developing alongside specialist operator Loveday. The first care home, Chelsea Court Place, is open, fully operational, and currently at 100% capacity with a waiting list.
Frogmore has two more central London care homes in the pipeline. The company says all its homes have luxury facilities such as a cinema and library room, a spa and private dining room, with significantly more staff per resident than the industry norm.
Frogmore’s chief operating officer and group treasurer Andy Rogers 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, added: “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.”
Date published: November 23, 2020