Paragon Bank supports Frogmore with a £17.55m funding facility for Coventry Singer Hall PBSA refurbishment

By Bridging Loan Directory 11th April 2024

Paragon Bank’s Development Finance division has supported real estate investment management company Frogmore with a £17.55m funding facility to renovate a 690-bedroom purpose-built student accommodation (PBSA) property near Coventry and Warwick universities.

Singer Hall, located on Canterbury Street, is within a five-minute walk from Coventry University and a short distance from Warwick University.

The renovation work will be complete for the start of the 2024/25 academic year and will offer various accommodations, including premium ensuite and non-ensuite rooms, studios and one-bedroom flats.

The ESG-led refurbishment includes the replacement of gas boilers with electric systems, air source heat pumps and the installation of PV panels, with a range of improved amenities on-site, including a new cinema room, games room, laundrette, multi-purpose quiet room, study area and well-being facilities.

The property is set on a 4.8-acre site and is formed of two and three-storey red brick buildings arranged in small courtyards, providing a secure and communal environment for residents.

Frogmore acquired the property from Coventry University in September 2023 and the property had been vacant since June 2023 following the end of the academic year.

On completion, the property will be managed and operated by specialist student accommodation provider The Mansion Group.

Prices range from £99 per week for the non-ensuite rooms to £200 for a one-bedroom flat. Bills are included in the price, as well as high-speed Wi-Fi and contents insurance.

Frogmore is a leading real estate investment management company that has been operating for over 60 years.

This deal was led on behalf of Paragon by Senior Relationship Director Simon Dekker, with support from Senior Portfolio Manager Craig Seabourne and Portfolio Manager Izzy Sargeant.

Simon Dekker, Senior Relationship Director at Paragon Bank commented:

“Coventry boasts two strong and growing universities, and this deal will result in good quality new stock coming onto the market for the 2024 academic year.

With an estimated 230,000 shortfall of student beds across the UK, it is vital that investment in PBSA continues to meet expected demand.

At Paragon we offer flexible funding options across a range of different types of developments.

Therefore, we were delighted to be able to support Frogmore with a loan to renovate an existing building in the PBSA sector.”

Andrew Rogers, Chief Operating Officer and Group Treasurer at Frogmore added:

“It has been a pleasure to work with Paragon Bank on the financing of the refurbishment of Singer Hall.

This project will increase the supply of quality accommodation to the Coventry student population by upgrading the existing obsolete accommodation to offer students a newly refurbished, environmentally friendly home and improved amenities whilst they are studying.

Our refurbishment of Singer Hall is a continuation of Frogmore’s track record of fixing obsolescence.”