Specialist development finance lender Atelier has today announced it has completed new finance facilities for two new care homes. The two development loans provide £14.6m to build a new 131-bed home in West Yorkshire, and £9.3m for a 60-bed home in Cheshire.
Financed by Atelier, the purpose-built schemes will provide much-needed care accommodation in regions where demand is far outstripping supply. The over 80s population is forecast to rise by 1.1m by 2032, and it is estimated that 144,000 additional beds are required over next 10 years*.
Work has started on Athena Healthcare Group’s new care home in West Yorkshire, following the £14.6m development loan from Atelier. In response to local need, it will provide 131 single bedrooms each equipped with ensuite wet room facilities, with a target completion of April 2025.
In a separate transaction with another UK wide care home operator, Atelier will provide a £9.3m loan to fund the construction of a 60-bed care home in Cheshire. This scheme is being built on the site of a former care home, extending the capacity of the site and will provide first-rate care services.
Martin Gilsenan, Chief Orginations Officer at Atelier, commented: “We are delighted to be able to finance the construction of these new high quality developments in West Yorkshire and Cheshire. Care is an asset class that we understand well, where the underlying strength of the counterparties we partner with is particularly appealing. We are looking forward to strengthening our relationships with both borrowers in the months ahead.”