Hold on to your hats - or graduation caps - because we've provided a sizeable £44.3m PBSA loan to fund three student accommodation sites across the UK.
Located in Glasgow, Sheffield and Leeds - three thriving student cities - the sites, comprising 751 beds, were developed and/or refurbished to a cutting-edge standard by Urbanite, a specialist PBSA developer backed by private equity firm Prescient Capital.
The three-year PBSA loan has given Prescient the breathing space needed to refinance and stabilise the assets, setting things up nicely before moving on to the next term of its strategy.
Two of the schemes, Glasgow's Clyde Court and Sheffield's Electric Press, are the new kids on campus and built to a superb specification. The Leatherworks site in Leeds, meanwhile, has a unique historical presence. Part of the property is a listed building and, with its gated, campus-style layout and central hub, it offers students a real sense of community.
The deal was introduced by Clive Offord of Cofford & Co. Property Finance, who put Prescient in touch with us after hearing glowing reviews from another client. Knowing our strong standing in the real estate finance market, and our recent activity in the PBSA space, he thought we'd be a good fit. Safe to say, his research paid off.
Doug Friend, director at Prescient Capital, said: "When we were looking at the refinancing of these three PBSA assets, our main considerations were competitive pricing on such a large loan and reliability in a timely delivery.
"We hadn't worked with Secure Trust Bank previously, but our long-term contact Clive Offord had heard positive things about the company, and we were impressed with its pricing structure and commitment to providing us with a bespoke loan that works for our ongoing strategy."
Danny Thornton, Secure Trust Bank relationship director, said: "It's always great when a client is recommended to us based on our previous performance and good reputation in the market. It's even better when it's for a large-scale, complex project such as this one.
"With a loan of over £44m required to refinance three PBSA sites across the UK, this project came with its own unique set of challenges, but the strong relationship and flexible approach between our teams, the introducer and the borrower meant we could overcome them in a smooth and professional manner."
Visit our dedicated student accommodation investment area.