DEVELOPMENT finance lender Atelier has completed a £11.6m loan, structured at 63 per cent 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.
Rav Kudhail, lending director at Atelier, said: “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.”