Development finance lender Atelier has announced that it has completed an £11.6m loan, structured at 63% loan-to-value, to fund a 75-bed care home in Stafford. The loan, structured over 24 months, will support the ground-up construction of a purpose-built care facility.
The new development will provide 75 beds with en-suite wet rooms in a purpose-built facility, delivering care accommodation to serve the community.
Demand within the later living sector in England continues to rise. A recent report from Staffordshire council revealed that the county's population aged 65 and over will outpace the national average and comprise 27% of its population by 2041. Increasing the supply of high-quality care homes in the region and nationwide remains vital as the living sector evolves to this demographic shift.
"This is our fourth transaction with our borrower," said Rav Kudhail, lending director at Atelier. "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."
