Atelier has completed a £7.6m loan with an unnamed UK care home operator to fund the development of a 60-bed care home in Paisley, Scotland.
The 24-month loan, which was structured at 67% LTV, will assist with the acquisition, conversion and refurbishment of an existing vacant purpose-built care home.
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. 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.”
