OakNorth completes £12m loan for UK real estate firm

OakNorth has completed a £12m loan to UK-focused Frogmore, a fully integrated real estate investment manager.

Frogmore will use the capital to acquire a four-storey, serviced apartment block and has submitted a planning application to convert it into a 35-bedroom care home, focusing on providing accommodation for those suffering from dementia.

The site, situated in Prince’s Square in the City of Westminster, occupies a prominent position in the south eastern corner of the Square, situated within Zone 1 with access to Bayswater Underground station, other transport links only a short walk away.

Andy Rogers, director and group treasurer, said: “The City of Westminster is estimated to see a 55 percent increase in people diagnosed with dementia between 2015 and 2030, as well as being projected to see an increase of 800 people diagnosed annually, making it the second highest increase in need of any London Borough.

“Research shows that despite this, Westminster has the second lowest number of registered beds for dementia, with only three beds for every 100 patients.”

Andy continued: “We are delighted to have the support of OakNorth to bring this much-needed new care facility to the area and, alongside our specialist partners at Innovative Aged Care, to provide vital care to meet a community need.

“As always, the team at OakNorth has worked to get the deal done in the time frame we needed so that we could submit a planning application permission quickly.”