Eldridge Real Estate Credit today announced the provision of a £96.7 million loan to Morar Care Group, in partnership with Simply UK, a leading care home developer and operator headquartered in Glasgow, to support the refinancing and development of premium care facilities across Scotland and South East England.
Eldridge Real Estate Credit is a leading investor in real estate credit opportunities throughout the US, UK, and Europe, including construction, bridge, and special situation opportunities across the capital structure.
"With the median age in the UK rising, there is a growing demand for high-quality residential care homes," said John Cole, Global Head of Real Estate Credit, Eldridge Capital Management. "The team at Morar Care Group has consistently responded to this demand, developing care facilities where resident comfort and well-being is the top priority."
This latest investment will be used to refinance five operational assets, while also providing financing for the development of two new care homes. Upon completion, the portfolio will comprise 496 operational beds across seven locations, including North Berwick, Dunfermline, Inverness, St. Andrews, and Wimborne, with Frinton and Billericay in development.
"This financing enables us to continue delivering premium care to the communities and individuals that need it most," said Chris O'Brien, CEO of Morar Care Group. "We look forward to our continued partnership with Eldridge Real Estate Credit as we expand our footprint across the UK."
Morar Care Group offers residents a variety of essential and luxury services and amenities, including 24/7 nursing care, assisted bathrooms, and tailored wellbeing and lifestyle programmes, as well as a hairdressing salon and nail bar, cinema, private dining room, tearoom, multiple social lounges and cafes, and garden enclosures.
About Eldridge
Eldridge is an asset management and insurance holding company with approximately $72 billion in assets under management that consists of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management, through its subsidiaries, focuses on four investment strategies diversified credit, GP solutions, real estate credit, and sports entertainment. Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised of Eldridge's wholly owned insurance companies, Security Benefit and Everly Life. Headquartered in New York, Eldridge has offices in Atlanta, Beverly Hills, Chicago, Dallas, Des Moines, Greenwich, London, Overland Park, Singapore, and Topeka. Eldridge is wholly owned by Eldridge Industries. To learn more about Eldridge, please visit eldridge.com
Eldridge Real Estate Credit is the brand name for the real estate credit team at Cain International ("Cain") that is being integrated into Eldridge. Cain is a privately held investment firm focused on real estate and business opportunities that shape the fabric of global gateway cities. Cain is a partnership between its CEO, Jonathan Goldstein and Eldridge Industries. Cain currently manages over $16 billion in assets through its real estate equity, real estate credit, and private equity platforms.
About Morar Care Group
Morar Care Group, part of Simply UK, operates a portfolio of luxury care homes across the UK. Designed to high specifications, Morar's facilities provide premium residential care in a secure, comfortable environment. The company focuses on relationship-centered care, ensuring residents continue to enjoy a high quality of life with tailored support. To learn more about Morar Care Group, please visit moraruk.co
About Simply UK
Simply UK is a specialist care home developer committed to delivering high-quality residential care in state-of-the-art facilities. Founded in Glasgow by Gary Sharp and Chris O'Brien, Simply UK integrates development, construction, and operations to support best-in-class living. With a growing presence across Scotland, the South, and East of England, Simply UK continues to expand its portfolio to meet the increasing demand for premium care services. To learn more about Simply UK, please visit simplyuk.co
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