Atelier has completed a £7.6m development loan, structured at 67% loan-to-value (LTV), to fund a 60-bed care home in Paisley, near Glasgow.
The loan will be structured over a 24-month term and will assist with the acquisition, conversion and refurbishment of an existing vacant purpose-built care home.
This is Atelier’s fourth transaction with the borrower, a leading UK-wide care home operator.
The new development will offer residential, dementia and nursing care to its residents, addressing a critical shortage in the area, and providing much needed care accommodation to Paisley, and the wider Renfrewshire region.
Rav Kudhail (pictured), lending director at Atelier, said: “This loan will enable our borrower to acquire the site and provides a 6-month mobilisation period to finalise construction packages.
“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.”
