Development finance lender Atelier has announced a £23.6m loan to develop a 119-bed care home in North London.
The loan, which follows the provision of a £9.8m site acquisition bridge facility – which funded the purchase of the asset earlier in the year – will finance the modernisation and upgrade of a vacant purpose built care home, delivering 119 rooms.
Rav Kudhail, lending director at Atelier, said: “We are pleased to work with our client, a UK wide care home operator, on this third transaction to fund the conversion and refurbishment of an existing asset. When completed, the scheme will be operated by our borrower and provide high quality care accommodation in the area.”
