Specialist development finance lender Atelier has financed the upgrade of a vacant purpose built care facility delivering 119 rooms.
The £23.6m, 30-month development loan will assist with the construction cost, providing a care facility in an area where demand currently exceeds supply.
This development loan followed the provision of a £9.8m site acquisition bridge facility, which funded the purchase of the asset earlier in the year.
This was Atelier’s third transaction with the borrower, as demand for care accommodation continues to rise.
Rav Kudhail, lending director at Atelier, said: “We are pleased to work with our client, a UK wide care home operator, on this third transaction to fund the conversion and refurbishment of an existing asset.
“When completed, the scheme will be operated by our borrower and provide high quality care accommodation in the area.”
