Manchester-based retirement living development company McGoff Group is developing Herne Bay, a multi-use elderly care and retirement living site in Herne Bay, Kent, including a 67-bed care home, 49 retirement living bungalows and 72 retirement living apartments.

The completed development will operate under McGoff Group’s elderly care brand, NewCare, and its retirement living brand, VillaFont Concierge, and represents an expansion beyond its core focus to date in the Northwest.

The deal takes the form of a joint venture equity partnership between McGoff and Housing Growth Partnership for the bungalows, alongside development debt for the bungalows, apartments and care home sourced from Octopus Real Estate.

Mid-market financial services firm Alantra advised McGoff Group on a capital raise. This takes the total debt and equity raised to by Alantra to facilitate McGoff’s development projects across 2023 to more than £100 million.

McGoff’s legal advisor was Beyond Corporate.