Development finance lender Atelier has provided a £23.6 million facility to develop a vacant purpose-built 119-bed care home in London.

The 30-month development loan will assist with the construction cost.

This development loan follows the provision of a £9.8 million site acquisition bridge facility, which funded the purchase of the asset earlier this year.

This is Atelier’s third transaction with the borrower.

Rav Kudhail, lending director at Atelier, said: “We are pleased to work with our client, a UK-wide care home operator, on this third transaction to fund the conversion and refurbishment of an existing asset. When completed, the scheme will be operated by our borrower and provide high-quality care accommodation in the area.”