The loan is structured at 67% LTV with a 24-month term and will assist with the acquisition, conversion and refurbishment of an existing vacant purpose-built care home.
The local need for later living accommodation is expected to grow with the area of Renfrewshire set to see a 21% increase in its population aged 75 and over by 2028.
- The Finance Professional Show 2024: The Video
- Atelier funds £20m Staffordshire care home
- Atelier provides £12.4m for 60-home office-to-resi conversion in Streatham
“This loan will enable our borrower to acquire the site and provides a six-month mobilisation period to finalise construction packages,” said Rav Kudhail, lending director at Atelier (pictured above).
“This is Atelier’s fourth transaction with the borrower — a leading UK care home operator — providing financing to enable them to revitalise an existing care home and provide a new 60-bed care facility.”
Leave a comment