Atelier completes £26.2m finance deal with Torsion Group for 196-studio PBSA development

By Bridging Loan Directory 22nd January 2024

Specialist development finance lender Atelier has today announced the completion of the £26.2m gross loan to Torsion Group for the development of a purpose-built student accommodation (PBSA) scheme, comprising 196 studios near the University of Warwick.

The funding will provide a much-required PBSA, just a 15-minute walk from the main University of Warwick campus, one of the country’s leading universities.

The accommodation offers gym and cinema facilities in addition to a rooftop terrace for the 196 studios.

The development is set to be complete for the academic intake of September 2025.

Commenting on the scheme, Rav Kudhail, Lending Manager at Atelier, said:

“With Torsion’s long-track record of providing high quality PBSA developments, we are delighted to be working with the team on this scheme and will always look to be creative in our structuring of facilities for counterparties of this quality.

Working to tight deadlines we collaborated with the Torsion team to structure a finance facility, enabling them to acquire the site and work to a build programme ready for the 2025 academic year.

Ultimately, the success of this deal has been down to the trust established throughout the process.

We remain committed to lending within the PBSA sector and look forward to building upon this relationship in the months ahead.”

Dan Spencer, CEO at Torsion Group, said:

“The University of Warwick development is the latest in a series of major new project wins for Torsion as we extend our presence in the PBSA sector.

We are confident that our collaboration with Atelier will deliver outstanding benefits not only for the university and its students but also for our partners and colleagues.

Our mission is to bring project delivery excellence to all our schemes, and this development at the University of Warwick is a fantastic opportunity to embed this approach further.

Torsion’s track record of handing projects over on time and on budget, combined with the property finance expertise of Atelier, will achieve exceptional results on this project.”