Specialist property finance company, Atelier, has announced that it has completed a £7.6m development loan to support the acquisition, conversion, and refurbishment of a vacant purpose-built care home in Paisley, near Glasgow.
The facility, structured at 67% LTV over a 24-month term, will enable the redevelopment of a 60-bed site offering residential, dementia, and nursing care. The project is expected to address a shortage of suitable accommodation in the area and provide much-needed facilities for residents across Paisley and the wider Renfrewshire region.
This transaction marks Atelier’s fourth with the same borrower, a UK-wide care home operator. Local demographic projections show that Renfrewshire’s population aged 75 and over is set to grow by 21% by 2028, underlining the increasing need for high-quality later living options.
“This loan will enable our borrower to acquire the site and provide a 6-month mobilisation period to finalise construction packages,” said Rav Kudhail, lending director at Atelier. “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.”
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