Loans from the development finance lender Atelier will allow construction of two new care homes in West Yorkshire and Cheshire.
The two development loans will provide £14.6m for a 131-bed home in West Yorkshire, and £9.3m for a 60-bed home in Cheshire.
Work has started on Athena Healthcare Group’s new care home in West Yorkshire, with a target completion of April 2025, while the Cheshire scheme, for another provider, is being built on the site of a former care home, extending the capacity of the site.
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.”
