The funding was arranged in just nine working days, from agreement of terms and credit approval to drawdown, all of which happened over the Christmas and new year break.

Mark Quigley, managing director at Beaufort Capital Management (pictured above), said that he was extremely pleased that this transaction had concluded successfully, and looked forward to seeing the project take shape over the coming months.

“Sheffield is a location I know well, and this is the third student scheme that I have funded in the city.

“This deal shows the continuing appeal of Sheffield as a key student market in the UK."

The mezzanine loan was provided to developer Torsion Group.

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The project will comprise 220 student cluster beds and studios in the centre of Sheffield and will be available to students at both the University of Sheffield and Sheffield Hallam University.

Dan Spencer, CEO at Torsion Group, added: "We are delighted to close our first mezzanine transaction with Beaufort and have been very impressed with the speed and [its] ability to move quickly to ensure funds were deployed to meet our challenging timescales.

"As our development business continues to grow, it is vital we have a funding partner like Beaufort [which] has the ability to work with us to find capital solutions that ensure our schemes can be delivered on time.”

The scheme has commenced and is expected to welcome the first students in time for the start of the 2019/20 academic year in September.

Nadine Buckland, managing director at Zenzic Partners – corporate finance adviser to the borrower – said: “There were a few intricacies to the structure and working with Beaufort was key to delivering a fully funded scheme to a tight timeframe."