"We are pleased to support this scheme, structuring the facility above our usual leverage parameters in recognition of our strong relationship with this client"
- Rav Kudhail - Atelier
Development finance lender Atelier has completed a loan to fund the construction of a new 81-bed care home near Lichfield, Staffordshire. The facility, with a gross development value (GDV) of £20m, will be built over a 25-month period, with the loan covering both refinancing of the site and full construction costs.
This is the third project Atelier has supported with care providers Macc Care Group, which will add the scheme to its portfolio of 16 existing homes. Once complete, the site will provide nursing, residential and dementia care, delivering additional later living accommodation for the local community and surrounding areas.
The need for such developments is growing. A Staffordshire council report forecasts that the county’s over-65 population will represent 27% of residents by 2041, outpacing the national average. Increasing the supply of high-quality care homes is seen as essential to meet this demographic shift.
“We are pleased to support this scheme, structuring the facility above our usual leverage parameters in recognition of our strong relationship with this client,” said Rav Kudhail, lending director at Atelier. “The first two schemes we funded together were both delivered ahead of programme and refinanced ahead of maturity, giving us the confidence to provide additional leverage on this project.”
“The people at Atelier are a pleasure to work with, have a reassuring awareness of health care sector developments, and consistently demonstrate an ability to develop a deep understanding of the nuances of each transaction,” commented Naz Nathani, director at Macc Care Group. “This marks our third transaction together, and once again, their team has impressed us with their speed, flexibility, and ability to focus on what truly matters, from underwriting through to implementation.”
