Hadleigh: Co-operative Bank provides �2.25m for care home project
THE Co-operative Bank has provided �2.25million of funding for a new state-of-the-art residential care home which is due to open in August.
The bank’s Corporate Banking Centre (CBC) in Cambridge provided the development loan facility to assist the construction of Magdalen House in Hadleigh.
The 51-bed residential care home is being constructed by Cameron Hamilton Homes Ltd and Cocksedge Building Contractors Ltd, which have both taken a shareholding in Magdalen House Limited, the business that owns the home.
The home is registered for all types of care from low level support to full nursing and dementia care and features a day care centre for local residents. Its bedrooms average more than 20 square metres in size – almost twice as large as the requirements of the Care Quality Commission.
The development is to be operated by Hansa and Rajendra Odedra, who also own and operate two other care homes with a total of 84 bedrooms in Beccles and Colchester.
All of these shareholders and fellow investor Charles Pinder, formerly a partner in the healthcare team of property agents Savills, now plan to develop, own and operate other care homes throughout East Anglia.
Martin Humpleby, senior corporate manager at the Cambridge CBC of the Co-operative Bank, said the loan was being converted to a term-loan with the bank for ongoing funding of Magdalen House.
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He said: “We’re providing long-term financial support for Magdalen House which has all of the modern facilities expected by the Care Quality Commission. Our backing further strengthens the bank’s position in the provision of tailored finance packages for the healthcare sector.”