Bank of London and the Middle East has provided a £45m loan to Urbium Capital in support of the two student accommodation developments in the North of England.
The deals include a 20-month development facility to support a new-build scheme at 15 Foss Island Road in York. The 133 student bed scheme is due to complete in mid-2026.
In addition, the bank has issued a three-year refinancing facility for The Arcadian in Nottingham. The 293-bedroom property is managed by Homes for Students under its Evo brand and is 100% let for the 2024/2025 academic year.
The deals follow the bank’s original 18-month development facility, provided in June 2023.
James Procter, director for real estate finance at BLME, said: “These deals highlight the continued resilience of the PBSA sector and demonstrate BLME’s ability to support both the delivery and long-term ownership of student housing through tailored finance solutions.”
Suliman Aujan, founder and chief executive at Urbium Capital, said: “The UK PBSA sector continues to offer compelling fundamentals, underpinned by acute supply-demand imbalances. Since our inception, the team at BLME has proven to be a trusted and agile partner, aligning with our pace and ambition.”
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