Blacklight Capital Partners has secured a £33m senior debt facility from Allied Irish Bank to refinance Limelight, its purpose-built student accommodation asset in Liverpool.
Limelight is a 535-bed scheme developed and owned by Blacklight and managed by Homes for Students.
Located in Liverpool’s Knowledge Quarter near the city centre, University of Liverpool and Liverpool John Moores campuses, the recently completed scheme features a striking design, gated private gardens, gym, cinema, sky lounge, games areas and communal study spaces.
The three-year AIB facility replaces a development finance tranche provided by RoundShield as part of a broader debt and equity solution, used to part-fund construction of the asset after Blacklight acquired it as a distressed part-built site from administrators in July 2022.
Matthew Hunt, principal at Blacklight, said: “Limelight has come a long way from the site that we acquired two years ago, with much of our focus in that time being spent on ‘institutionalising’ what was essentially a derelict site. It is satisfying to see a dangerous eyesore on the city skyline thrive and become the top-ranking PBSA scheme in the city.
“The refinancing completes the third and penultimate stage in our original build, operate, stabilise, sell strategy, and we now look forward to Homes for Students continuing their excellent work in making Limelight the go-to student accommodation destination in Liverpool.”
“It is not easy to generate genuine value-add as a developer in the current economic environment, and we are grateful to our partners in helping us to get Limelight over the line – its success is a tribute to them all.”
Blacklight was represented by Temple Bright; AIB was represented by TLT.
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