The loan will be structured at 67% LTV over a 24-month term and will assist with the acquisition, conversion and refurbishment of an existing vacant purpose-built care home.

This is Atelier’s fourth transaction with the borrower, a UK-wide care home operator. The new development will offer residential, dementia and nursing care to its residents, addressing a critical shortage in the area, and providing much needed care accommodation to Paisley, and the wider Renfrewshire region.

The local need for later living accommodation is only expected to grow with the area of Renfrewshire set to see a 21% increase in its population aged 75 and over by 2028. The supply of high-quality care homes in the region and nationwide is crucial in ensuring the living sector adapts to accommodate this demographic change.   

Rav Kudhail, lending director at Atelier, said: “This loan will enable our borrower to acquire the site and provides a 6-month mobilisation period to finalise construction packages.

“This is Atelier’s fourth transaction with the borrower – a leading UK care home operator – providing financing to enable them to revitalise an existing care home and provide a new 60-bed care facility.”