Secure Trust Bank funds £44.3m refinance across three PBSA sites

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Three purpose-built student accommodation (PBSA) sites across the UK have collectively secured a £44.3m loan provided by Secure Trust Bank (STB) Real Estate Finance.

Located in Glasgow, Sheffield and Leeds, the sites were developed and/or refurbished by Urbanite, a specialist PBSA developer backed by private equity firm Prescient Capital.

The three-year PBSA loan facility was used by Prescient to refinance the sites and enable stabilisation of the assets before considering their future strategy.

Glasgow’s Clyde Court and Sheffield’s Electric Press are of relatively new build and built to an excellent specification.

The Leatherworks site in Leeds has a unique historical significance, with part of the property classified as a listed building.

It is also gated to provide a campus-like feel to students, with a central hub to create a sense of community.

The deal was brought to STB by Clive Offord of Cofford & Co Property Finance, who has a long-term relationship with the borrower.

He introduced the company to STB based on its excellent reputation and after hearing about activity STB has recently carried out in the PBSA market and in the north of the UK.

Doug Friend, director at Prescient Capital, said:

“When we were looking at the refinancing of these three PBSA assets, our main considerations were competitive pricing on such a large loan and reliability in a timely delivery.

We hadn’t worked with Secure Trust Bank previously, but our long-term contact Clive Offord had heard positive things about the company, and we were impressed with its pricing structure and commitment to providing us with a bespoke loan that works for our ongoing strategy.”

Danny Thornton, relationship director at STB Real Estate Finance, said:

“It’s always great when a client is recommended to us based on our previous performance and good reputation in the market.

It’s even better when it’s for a large-scale, complex project such as this one.

With a loan of over £44m required to refinance three PBSA sites across the UK, this project came with its own unique set of challenges, but the strong relationship and flexible approach between our teams, the introducer and the borrower meant we could overcome them in a smooth and professional manner.”

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