The real estate lender provided a £718,000 short-term mezzanine facility for five months which will go towards the completion of the project to ensure it’s ready for the 2019/20 student intake.
The student accommodation development — which is currently 70% occupied — will comprise 131 beds as well as two retail premises on the basement and ground-floor level.
The scheme is expected to reach full capacity before the start of the academic year and will be managed by a renowned UK operator.
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“Against the backdrop of tight timelines, the developer, in this instance, required additional funds for the final push to get the project completed ahead of the upcoming academic year,” said Daryl Thorpe, co-founder and principal at ZSL Capital.
“We are delighted to be able to assist, alongside a very credible and experienced borrower with whom we look forward to working with on future transactions as well.
“This transaction also signals the wider diversification strategy of ZSL to enhance our existing residential offering and move into other bed sectors, such as student accommodation, with other sectors to follow.”