Care hone developer and provider MACC Care Group has secured £14 million to fund the development of a new-build care home in Codsall, Staffordshire.

The funds were supplied by Broadwood Capital, which lends to real estate investors and developers.

The loan supports the ground-up construction of a luxury purpose-built care home comprising 80 en suite bedrooms which will provide residential, nursing and dementia care. The project, which secured planning permission last year, is scheduled for completion in summer next year.

Broadwood stated that the 21-month facility will be funded via its Later Living Sustainable Construction Finance Fund as it meets key sustainability criteria with features such as fossil fuel-free heating, EPC A, low embodied carbon and electric vehicle charging points

Dan Smith, chief executive of Broadwood Capital said: “With continued pressure on later living throughout the UK, this is a welcome addition to the development pipeline. As long-term advocates of a sector which is socially conscious, sustainable and structurally in high demand, we remain keen to fund similar projects and to support the construction and development of much-needed new facilities.”