Recognise Bank has partnered with the Central and Regional Estates (CARE) Healthcare Team to fund a new approach to dementia care.
The bank has provided an interest-only three-year term commercial facility for £2.9 million to facilitate CARE’s purchase of a site in Suffolk that has planning consent for a new residential village for people with dementia. The loan is secured against an asset owned by the Sistine Property Group.
The Suffolk project is being developed by CARE and is described as a completely new model for dementia care in the UK, one which mirrors the internationally acclaimed De Hogeweyk Village in Weesp, Netherlands.
Philip Scott, a director of CARE and Sistine Property Group, and the former CEO of The Priory Group, said: “This is a very important project and will completely change the way people with dementia are cared for in a residential setting. This development will offer a real alternative in terms of accommodation footprint and bring a completely new model of care to the UK.
“As Recognise Bank has great knowledge of the commercial property sector and the healthcare space in particular, the decision-making process was very straightforward and, above all else, swift in terms of execution.”
James Meigh (pictured), regional director for the north at Recognise Bank, added: “Our personal approach meant that we were able to sit down with the CARE team and go through the details of the project and agree the deal timescales. CARE was also looking for flexibility, which wasn’t readily available from other possible lending banks.
“Not only are we delighted to have done this deal with CARE, but we are also pleased to be involved with such a ground-breaking healthcare initiative that will benefit so many people with dementia.”