Alantra advises the McGoff Group on financing to fund a new multigenerational development

SECTORReal Estate

ServiceDevelopment Financing

Jan 2024
Development Financing

London – Alantra, the independent global mid-market financial services firm, has advised the McGoff Group (“McGoff”) on the financing to support the development of a mixed use multigenerational community comprising a children’s day nursery and a state-of-the-art care facility in Bowdon, South Manchester.

McGoff Group is an established, family owned multi-disciplined developer and contractor, based in Altrincham. It has partnered with Patrick Properties, also Altrincham based and backed by US-based Latium Enterprises, to create a new joint venture to transform the former Mercure Hotel in Bowdon.

The development will provide a children’s day nursery with 95 places and a state-of-the-art 51-bed care facility, creating an innovative multi-generational hyperlocal community which brings young and old together. Multigenerational work will be carried out by the care home and nursery staff collaboratively. The design will allow the children and the elderly regular time in each other’s company. This will include the children producing a creative newsletter for the care home residents and the residents taking part in reading sessions for the children, reducing loneliness for the residents and improving language development, reading and social skills for the children.

Construction has begun, with the care home and nursery expected to complete in December 2024 and February 2025 respectively. The care home will be operated by New Care, while the nursery will be run by Back to the Garden Childcare (the McGoff Group’s care home and nursery brands).

Puma Property Finance has provided £13m of senior debt funding for the Bowdon development.

McGoff was advised by Bobby Fletcher, Danilo Bardella and Catherine McEwan from Alantra’s Real Estate team.

Bobby Fletcher, UK Head of Real Estate at Alantra, said, “It was a pleasure to work with Chris McGoff and the McGoff Group once again. Together with Patrick Properties, they have created an innovative, multigenerational development that will have a significant impact on the local community.”

Chris McGoff, Director at the McGoff Group, said, “I’d like to thank Bobby and the team at Alantra for their guidance and support. Thanks to their advice, we are able to transform a derelict hotel into a thriving space for children and the older generation to enjoy. As with previous transactions, we have found the Alantra team to be extremely proactive throughout the process, engaging with us in a truly collaborative manner. We hope this development and future developments follow the success of our recent blueprint multigenerational scheme in Lymm and continue to bring positivity and enjoyment to the residents.”

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