Pallas Capital completes £2m development loan for assisted living scheme in Wallington

31 March 2026

Pallas Capital is pleased to announce the successful completion of a £2,021,500 property development facility to fund the refinance and ground-up development of a 16-unit assisted living scheme in Wallington.

The transaction highlights the firm’s ability to support experienced developers entering specialist sectors, combining development expertise with flexible funding structures and proactive deal management.

Led by Mark Witherington, Senior Originator at Pallas Capital, the 16-month development facility was structured at 65% LTGDV. The loan will fund the refinance of the existing debt and the construction of a new assisted living development, with the borrower planning to refinance onto a term loan upon completion.

The borrower is a highly experienced residential developer with a strong track record of delivering high-quality residential schemes. While this represents their first assisted living development, the project aims to deliver the same standard of design and finish that has characterised their previous projects.

The transaction was introduced by Miles Wallace of The Commercial Branch, a broker who has a longstanding relationship with Mark, and required close coordination between all parties to reach completion.

Mark’s experience in funding assisted living developments played an important role in structuring and delivering the facility, ensuring the project remained viable and aligned with the borrower’s development timeline and exit strategy.

The transaction involved a number of professional advisers, including Robert Hutchins of AWH (Valuer), Ruaidhri Mulligan of TSA Riley (Monitoring Surveyor), and Danielle Fewtrell of Brechers (Legals), whose collaboration helped bring the deal to completion.

Mark Witherington, Originator at Pallas Capital, commented:

“This transaction demonstrates our willingness to support experienced developers moving into new asset classes where the fundamentals of the project are strong and the sponsor has a proven delivery track record.

“Assisted living is a growing sector with strong demand, and our experience in this space allowed us to structure a facility that worked for both the borrower and the project. Despite some delays outside everyone’s control, the transaction progressed well overall and we were pleased to support an increase in the facility following a reassessment of costs.

“At Pallas Capital, we focus on building long-term relationships with both brokers and borrowers, and this deal is another example of how we work collaboratively to deliver funding solutions for development projects.”

Pallas Capital will continue to support the borrower through the development period, with the project expected to refinance onto a term facility upon completion and stabilisation.