DEVELOPMENT finance lender Atelier has completed a £7.6m development loan, structured at 67 per cent LTV, to fund a 60-bed care home in Paisley, near Glasgow in the west of Scotland.
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.
The local need for later living accommodation is only expected to grow, with the area of Renfrewshire set to see a 21 per cent increase in its population aged 75 and over by 2028.
Rav Kudhail, lending director at Atelier, said: “This loan will enable our borrower to acquire the site and provides a six-month mobilisation period to finalise construction packages.”