Black Book Finance Arrange Financing for Portsmouth Scheme
Image courtesy of Flickr
Black Book Finance has coordinated a £10.25m senior debt facility with Puma Property Finance to fund the development of a 123-bed purpose-built student accommodation (PBSA) scheme in Portsmouth.
The debt facility was arranged so that the developer could ensure its build programme meets the September 2022 student intake, with the project due to be completed in August next year.
The scheme consists of 120 standard studios and three large studios over 11 storeys. The accommodation will also come equipped with a gym, cinema room, residents lounge, private dining room and study areas.
Commenting on the deal, Michael Clapper, CEO at Black Book Finance, said: "We have arranged development finance for this client on a series of successful PBSA projects and, in this case, it was particularly impressed by the flexibility and commerciality demonstrated by the superb deal team at Puma Property Finance."
"Our PBSA clients are seeing excellent booking rates from students for the incoming year on completed schemes, despite the challenges thrown up by the pandemic, which bodes well for the ongoing strength of the sector."
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Head of Research at StuRents
Richard leads the StuRents research team, providing proprietary, platform-driven insights to help stakeholders make better-informed decisions about the market.
