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3rd Oct 2022
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 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."
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