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Funding Secured for Leeds PBSA Scheme by Urbanite

Posted by Calum Martin in , ,

Image courtesy of Flickr, Creative Commons

A £14.8m finance facility has been secured by developers Urbanite to support the conversion of a site in Leeds into a new 457-bed scheme.

The site that has been acquired, Sugarwell Court, is a former Leeds Beckett University hall of residence situated in the Meanwood area of Leeds.

The funding facility has been provided by Paragon and is the second of its nature with Urbanite. The 20-month facility is structured to cover the period following completion of the development. Once complete, it will be refinanced under an 18-month stabilisation facility.

Director at Urbanite, Timothy Smith commented: "Urbanite is thrilled to secure a secondary deal with Paragon, bringing forward this exciting scheme for upgraded, state-of-the-art, purpose-built student accommodation in Leeds.

"We're pleased to have acquired this site and to be able to convert it into bespoke student accommodation in a prime location in the centre of Leeds.

"We've built a great relationship with Simon and the team at Paragon; their support and understanding have been gratefully received with the past two successful funding facilities."

Simon Dekker, Paragon relationship director added: "We were able to complete this finance facility is a short period to enable the customer to complete the acquisition of the site and commence development work. This is the second deal we have funded with Urbanite, which is building a great reputation in the PBSA market."