The loan will be structured over a 25-month term and will assist with the refinancing of the site, and the full construction costs.
This is the third deal Atelier has completed with seasoned care providers Macc Care Group and will become the 17th care home within the Macc Care Group portfolio. The new site will provide nursing, residential and dementia care to residents, delivering much needed later living accommodation to Lichfield and the wider Staffordshire area.
Demand for the later living sector in England is only set to grow. A recent report from Staffordshire council revealed that Staffordshire’s 65 and over population will outpace the national average, comprising 27% of the county’s population by 2041. Increasing the supply of high-quality care homes in Staffordshire and across the country is vital in ensuring our living sector adapts and evolves to this demographic shift.
Rav Kudhail, Lending Director at Atelier, said: “We are pleased to support this scheme, structuring the facility above our usual leverage parameters in recognition of our strong relationship with this client. The first two schemes we funded together were both delivered ahead of programme and refinanced ahead of maturity, giving us the confidence to provide additional leverage on this project.”
Naz Nathani, Director at Macc Care Group, comments: “The people at Atelier are a pleasure to work with, have a reassuring awareness of health care sector developments, and consistently demonstrate an ability to develop a deep understanding of the nuances of each transaction. This marks our third transaction together, and once again, their team has impressed us with their speed, flexibility, and ability to focus on what truly matters — from underwriting through to implementation.”