en.Wedoany.com Reported - North Bay Group has secured £13.3 million in financing from Paragon Development Finance to develop a 75-bed care home project along Boundary Lane in Chester, UK, with funds covering the construction and fit-out phases.
The loan provides an initial advance on the project land and will support the full development. Upon completion, the project will offer residential and nursing care, with all bedrooms featuring private wet rooms, targeting an EPC A energy efficiency rating. Construction began in the first quarter of this year and is expected to be completed by the end of 2027. North Bay Group is advancing the project in partnership with Highgate Care.
Paragon noted that in a borough where over 20% of residents are aged 65 and over, serving the aging population is a fundamental factor. This is the first transaction completed between Paragon and North Bay Group, with another project already approved and three further opportunities in the pipeline.
Adrian Reeves, Senior Relationship Director at Paragon Development Finance, stated that developing modern, functional care homes is crucial to meeting growing demand in areas with aging populations. Chester and the wider Cheshire region demonstrate clear long-term demand fundamentals, supported by population growth and an increasing proportion of elderly residents. He added that North Bay Group combines development expertise with a proven operational platform, providing a solid foundation for a project of this scale, and Paragon is pleased to support this first transaction, looking forward to deepening the partnership.
Founded in 2007, North Bay Group specializes in developing and operating care homes, currently running 48 facilities across the UK with over 2,500 beds. Richard Hoggart, CEO of North Bay Group, said this development marks another significant milestone as the group continues to expand its portfolio of high-quality care homes in northern England. Chester is a region with strong demographic demand and a growing need for modern, purpose-built care environments. Hoggart added that they are delighted to partner with Paragon Development Finance, which deeply understands both the development and operational aspects of the care sector, helping to structure a financing solution that supports their growth plans, and looks forward to further strengthening this partnership as they advance more projects in the future.
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