Atelier, the specialist development finance lender, has completed two finance facilities for two new care homes.
The development loans provide £14.6m to build a new 131-bed home in West Yorkshire, and £9.3m for a 60-bed home in Cheshire.
Financed by Atelier, the purpose-built schemes will provide much-needed care accommodation in regions where demand is far outstripping supply.
The over 80s population is forecast to rise by 1.1 million by 2032, and it is estimated that 144,000 additional beds are required over next 10 years.
Martin Gilsenan, chief originations officer at Atelier, said: “We are delighted to be able to finance the construction of these new high-quality developments in West Yorkshire and Cheshire.
“Care is an asset class that we understand well, where the underlying strength of the counterparties we partner with is particularly appealing.
“We are looking forward to strengthening our relationships with both borrowers in the months ahead.”
