Atelier finances new care home in North London

By Bridging Loan Directory 6th November 2024

Specialist development finance lender Atelier has today announced that it will be financing the modernisation and upgrade of a vacant purpose built care facility delivering 119 quality rooms.

The £23.6 million, 30-month development loan will assist with the construction cost, providing a much-needed care facility in an area where demand currently exceeds supply.

This development loan follows the provision of a £9.8m site acquisition bridge facility, which funded the purchase of the asset earlier in the year.

This marks Atelier’s third transaction with the borrower, as demand for care accommodation continues to rise in London and across the UK.

Rav Kudhail, Lending Director at Atelier, commented:

“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.”