Irish Government to Part-Fund University Housing
25th Nov 2022
Student housing provider Study Inn Group has secured £22.6m of funding from Paragon Development Finance to support its latest scheme in Nottingham.
The 270-bed purpose-built student accommodation (PBSA) scheme, named Triumph House, marks the second Nottingham property in Study Inn Group's growing portfolio. Their previous venture was the opening of 288 student beds in Talbot Street, near Nottingham Trent University in 2020.
Located adjacent to the University of Nottingham's Jubilee Campus, the 5 storey scheme also boasts a state-of-the-art gym, games room, cinema and yoga studio alongside its student rooms.
The finance facility is the tenth that Paragon has provide to Study Inn Group, and has helped support the development of over 2,100 PBSA beds across the UK.
The deal is the first to feature Paragon's stabilisation loan facility, covering the period following the completion of a development until the scheme has become occupied by students for up to two academic years. Once the development is completed, the scheme will be refinanced onto an 18-month stabilisation facility.
Marcus Hook, group finance director at Study Inn, commented on the deal: "As a committed lender, Paragon Development Finance support has been integral to this scheme. Triumph Road will deliver a world class experience for students, with en-suite rooms complemented by top end facilities. Given its proximity to the University of Nottingham, we are confident this development will prove popular with students.
"Paragon's technical understanding of the development process and the pressures facing developers make them an ideal partner and we are pleased to be working with them again."
Finance senior relationship director at Paragon development, Simon Dekker added: "We were delighted to have been able to continue our relationship with Study Inn and support the developer in serving the student market. The company has forged an excellent reputation in this space, putting student welfare and experience at the heart of its developments.
"The stabilisation feature means we can support PBSA developers from the start of their schemes to finish; from funding the purchase of development land or a building to convert, to the development costs, to the period after the development is complete and the scheme is occupied by students. This is unique in the market and shows our ability to structure our lending to support clients."
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