Specialist real estate lender Maslow Capital has provided a £68m (€78.5m) loan to a partnership between HIG Realty Partners and Primus Property for the developments in Leeds and Lancaster.
Maslow Capital said £36m will be allocated to the development of the scheme in Leeds comprising 402 studio rooms on Regent Street, with a further £32m issued to support the development of 388 studios in Lancaster.
“Our extensive experience in the sector, having funded a significant number of student accommodation schemes resulting in the creation of 3,916 student units since our inception, underscores Maslow’s steadfast commitment to supporting the development of high-quality living sector assets in locations where demand exceeds supply,” said Sky Mapson, deal origination director at Maslow Capital.
Rachael Gordon, head of deal execution at Maslow Capital, said: “The notable increase in the international student population in both Leeds and Lancaster has intensified the demand for high-quality student accommodation in these cities.
“The early reservation of properties and the heightened demand for homes within walking distance of universities are trends apparent in both cities. With esteemed universities experiencing a surge in enrollments, the supply of purpose-built student accommodations is pivotal.”
Duncan Melville, director at Primus Property, said: “Partnering with Maslow Capital, a proven name in the sector, assures us of the strength and reliability that comes with decades of experience in student accommodation financing.”
To read the latest edition of the latest IPE Real Assets magazine click here.