The Cheshire based group provided the bridge finance to enable Lakeland Independent Accommodation to purchase the land in order to transform a former school into a care home facility.
Brad Lincoln, CEO and Co-Founder of Best International commented “Our Corporate Finance team completed the transaction in less than 48-hours, a remarkable turnaround to ensure Next Stage met their required completion deadline.
“Given our knowledge and expertise within the corporate finance arena, we have the capabilities to enable clients to take full advantage of rising and limited opportunities such as this, servicing a swift completion to provide the flexibility required.”
The building has stood derelict since the old primary school, staff and children moved into a new state-of-the-art site in 2012. Having acquired the property, Next Stage now plan to transform the building into a care facility.
Specialising in care services within the North West and having already established two children’s homes, youth development residences, a residential and community mental health support Centre, rehabilitation unit and specialist housing, Next Stage are well placed and experienced to redevelop the property.
Paul O’Rourke, Managing Director of Next Stage Ltd said: “As a striking Victorian building, it will be highly rewarding to see the building transformed into a much needed care facility within the community.
“Demand within the care sector is growing enormously, official figures released this year have shown that the number of people aged over 85 increased by 30% between 2005 and 2014. There is also expected to be a shortfall of more than £2.9bn in care services by 2020.
“This facility is therefore a welcome addition to the area, and we are delighted to be working with Best International. Their involvement has been crucial to allow for our development plans to progress and we look forward to working with Best on the next phase of financing for refurbishment and project development.”
Next Stage Ltd have provided care and support services since 2002, with the sole aim to be the best provider, assisting those who need the care and support to improve their independence and quality of life.
Best International have also worked on other care home projects, their care home fund, known as the Merlin Fund (A sub fund of Falcon Investment Property SICAV Plc) reported a successful close to the year in 2015.
The innovative Merlin Fund headlined a 12% rise in their portfolio over the last six months – achieving increased profits for shareholders. Contrasted with a period when the FTSE fell by 5%, the performance highlights the value of these niche funds. The acquisition and development of further care homes in the Merlin Fund remains in progress.