Cain International has provided a £91.5m construction loan to Vita Group for its House of Social purpose-built student accommodation scheme in Manchester.
Located in the city’s growing academic district of First Street, between Oxford Road and Deansgate, the 14-storey building will provide 576 beds.
Vita’s House of Social concept is designed to reinvent the traditional student home, with the four- to six-bedroom clusters, or “houses”, being complemented by shared open-plan kitchens and lounge areas, as well as access to a dedicated gym.
It will also feature a 14,000 sq ft food hall on the ground floor, with five independent kitchens.
The scheme was approved by Manchester City Council in June 2023.
The loan marks Cain’s sixth arrangement with Vita, and its second in Manchester, since 2020. The partnership has supported the delivery of more than 4,000 beds across the UK and Europe.
Graham Keable, managing director at Cain International, said: “We believe Cain’s distinctive advantage lies in its partnership model, and we are delighted to extend our relationship with Vita as it introduces a new dimension of student living to the market.
“Cain’s long-standing experience in this sector, through its credit and equity practices, bolsters our confidence in the stability of UK university cities and we eagerly anticipate the positive impact that this project will have on the community and the future of student accommodation.”
Mick Slater, chief financial officer at Vita Group, said: “Closing this agreement with Cain enables us to bring the House of Social vision to life for the first time in Manchester. Centred on a destination foodhall, House of Social will service Manchester’s undersupply of student accommodation with 576 student beds designed for Manchester’s more independently minded students who traditionally find themselves in HMOs and private rentals on the outskirts of the city.”
Image from Vita Group
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