Maslow Capital has provided Union Property Development with a £114m (€130m) loan to help redevelop a student accommodation project in UK’s capital.
The provider of real estate development finance said the development loan will help Union Property deliver their 356-bed, purpose-built student accommodation (PBSA) scheme in Paddington, Central London.
Emma Burke, the head of deal origination at Maslow Capital, said: “We are delighted to support this exciting new PBSA project. Our team’s commitment and efforts enabled us to complete this transaction in just 8 weeks from credit approval, which is a testament to our dedication to providing swift and efficient financing solutions.”
To date, Maslow has funded over 4,800 PBSA beds, Burke said.
In the last two weeks alone, Maslow has provided a total of £372m in financing packages. It provided UK property developer SevenCapital and real estate investment firm MARK with a £258m loan, earlier this month, to help develop a residential-led project in West London.
Investec provides GSA with £85m loan to refurbish five UK assets
Investec Real Estate has provided Global Student Accommodation (GSA) with an £85m loan to support the refinance and partial refurbishment of five UK PBSA assets.
The properties provide a total of 1,460 beds to students in London, Lincoln, Newcastle, Nottingham and Sheffield, and are managed by GSA’s operating partner, Yugo.
Investec said the deal is the firm’s first transaction with GSA.
Sebastian Walley, Investec Real Estate, said: “We will continue to fund PBSA schemes in those cities where the demand dynamics remain compelling, reflecting our conviction in the sector’s long-term outlook due to its structural undersupply, demographic tailwinds and defensive characteristics in this inflationary environment.”
John Jacobs, global head of capital markets at GSA, said completing the refinancing amid challenging market conditions demonstrated lenders’ “confidence in the strength and resilience of the PBSA sector and their continued appetite to support high quality, stable portfolios” with owners and operators.
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