Specialist development finance lender Atelier has today announced that it has completed financing to assist with the acquistion and refurbishment of a vacant care home in New Southgate, North London.
The £9.8m loan will be used to reconfigure the care home internally and refurbish the building to provide up-to-date care facilities.
A report from the Greater London Authoity last year highlighted that a decade-long care home creation project was needed to address the capital’s ageing population, and with the over 65s population estimated to grow by 11% over the 5 year period to 2027, the new facility will help address an undersupply of care home beds in the area.
The news follows two development loans provided by Atelier over the past two months to build a new 131-bed home in West Yorkshire and for a 60-bed home in Cheshire.
Rav Kudhail, Lending Manager at Atelier, commented: “This is our second transaction to support a UK-wide care home operator with the acquisition of an existing asset which will be refurbished and operated by our borrower once complete, providing high-quality care facilities in the area.”