Fast growing student accommodation provider Study Inn Group has agreed a £22million refinance package with Secure Trust Bank Real Estate Finance (STB REF).

The five-year loan is secured against the Coventry-based company's newly completed Talbot Street development in Nottingham and will help finance Study Inn's expansion plans.

Study Inn was founded in 2009 by Edward Jefferson and Kieran Leahy. The company specialises in regenerating existing buildings in university towns and city centres and providing serviced, all-inclusive accommodation for students. The company currently operates more than 1,900 student rooms around the UK.

Formerly home to Experian, Study Inn's Talbot Street development has been converted to create a 288-bed facility with a GDV of £37million.

Study Inn's first portfolio of ten sites was sold to Arlington Investors in 2017. The company is focussed on building its second portfolio, which currently comprises three assets in Bristol, Loughborough and Nottingham, with secured pipeline assets in Exeter, Leeds and Leicester.

Hannah Jefferson, director at Study Inn, said: "Although the coronavirus pandemic has had an effect in all business sectors the student accommodation sector is particularly robust and in our view it will recover faster than most because the medium and long-term fundamentals remain very strong.

"What the pandemic has shown us is that although online courses may be available, people really want the life experience away from home and want to interact on a face-to-face basis if they can do that in a well-managed, quality environment. That, together with continued pressure to reduce reliance on HMOs (houses in multiple occupation) may mean that future demand could be stronger than ever.

"Even in this difficult period, in this newly developed property we have achieved 98% occupancy. We continue to secure properties for our development pipeline and look forward to an ongoing relationship with Secure Trust Bank to bring these sites to fruition."

STB's national real estate team provides lending facilities of £1m-45m to residential and commercial property developers and investors, from SME housebuilders to UK-based funds.

Matthew-Blaine Young, relationship director at STB REF, said: "We previously refinanced Study Inn's 155-bed Loughborough scheme and it's great to continue with the Group as they build their second portfolio.

"Study Inn's reputation for luxury, well located and fully let accommodation makes them an ideal partner in what has been a challenging time for this highly specialist sector."

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