Development finance lender Atelier has provided an £11.6m loan to fund the development of a new 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, delivering much needed care accommodation to serve the community.
Demand within the later living sector in England is only set to rise. A recent report from Staffordshire council revealed that Staffordshire’s population aged 65 and over will outpace the national average, and comprise 27 per cent of the county’s population by 2041.
Rav Kudhail, lending director at Atelier, said: “This is our fourth transaction with our borrower. 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.”
