Investec has agreed a £17.5m senior loan for Scape’s Thanet Street student accommodation development in Bloomsbury, WC1.
The finance will support the acquisition and development of the 60-bedroom student scheme.
Scape announced the acquisition of 30 Thanet Street from the Council of Lutheran Churches earlier this year. The site is within walking distance of the University of London, Birkbeck University and SOAS.
The deal brings the total senior debt funding to Scape and its partners to over £150m, across five schemes.
Shane Ryan, relationship manager at Investec Structured Property Finance, said: “Despite short-term uncertainty affecting the sector, the city’s enduring international appeal and challenging planning restrictions continue to underpin favourable supply-demand dynamics.”
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