UK: PBSA operator Study Inn Group has acquired a £22.6 million finance facility from Paragon Development Finance to develop a scheme on Triumph Road in Nottingham.
The development is the tenth collaboration between Study Inn and Paragon, with the partners providing more than 2,100 PBSA bed spaces within the UK.
Craig Seaborne and Simon Dekker, Paragon senior portfolio manager and senior relationship director respectively, have overseen the funding.
Once the Nottingham scheme is completed, it will be refinanced onto an 18-month stabilisation facility.
Due to this stabilisation facility, Paragon has the ability to support a developer through the entire cycle of development, from acquisition of a scheme to the development of the project and then a post practical completion and unveiling of the project.
Amenities for this new student accommodation include a wellness spa, a sauna, hot beds, a gym, 24/7 onsite management, a steam room, a study space, a big-screen cinema room, a yoga studio, bicycle parking, room cleaning and linen services, a lounge, a games room and Wi-Fi access.
With expected completion for the 2022/23 academic year, the scheme will be located adjacent to the University of Nottingham’s Jubilee Campus.
Marcus Hook, group finance director at Study Inn, said: “As a committed lender, Paragon Development Finance support has been integral to this scheme. Triumph Road will deliver a world class experience for students, with en-suite rooms complemented by top end facilities. Given its proximity to the University of Nottingham, we are confident this development will prove popular with students. Paragon’s technical understanding of the development process and the pressures facing developers make them an ideal partner and we are pleased to be working with them again.”
Simon Dekker, Paragon development finance senior relationship director, added: “We were delighted to have been able to continue our relationship with Study Inn and support the developer in serving the student market. The company has forged an excellent reputation in this space, putting student welfare and experience at the heart of its developments. The stabilisation feature means we can support PBSA developers from the start of their schemes to finish; from funding the purchase of development land or a building to convert, to the development costs, to the period after the development is complete and the scheme is occupied by students. This is unique in the market and shows our ability to structure our lending to support clients.”
