Atelier completes £11.6m loan for new 75-bed care home in Stafford
Development finance lender Atelier has today announced the completion of a £11.6m loan, structured at 63% LTV, to fund a 75-bed care home in Stafford. The loan, structured over a 24-month term, will support the ground-up construction of a purpose-built care facility.
This is the fourth deal that Atelier has completed with their borrower, a seasoned care home provider. The new development will provide 75 beds with en-suite wet rooms in a purpose-built care facility, delivering much needed care accommodation to serve the community.
Demand within the later living sector in England is only set to rise. A recent report from Staffordshire council revealed that Staffordshire’s population aged 65 and over will outpace the national average, and comprise 27% of the county’s population by 2041. Increasing the supply of high-quality care homes in the region and nationwide is therefore vital in ensuring the living sector evolves to this shift in demographic.
Rav Kudhail,Lending Director at Atelier, commented: “This is our fourth transaction with our borrower. We supported the original site acquisition and are now funding the development of their new purpose-built care home. 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”.
