The loan is structured over a 24-month term at 63% LTV.
This is the fourth deal Atelier has completed with the unnamed borrower, and it will help deliver the 75-bed care home which is a purpose-built facility.
“We supported the original site acquisition and are now funding the development of their new purpose-built care home,” said Rav Kudhail, lending director at Atelier.
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“Through the relationship we’ve built, we’ve developed a tailored lending framework that enables them to act quickly on new site acquisition opportunities and efficiently structure their development funding”.
Atelier has highlighted demand within the later living sector in England is set to rise, with a recent Staffordshire Council report revealing the region’s 65+ population is outpacing the national average.
As such, the over 65+ generations will comprise 27% of the county’s population by 2041.
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