Assetz Capital has closed its largest loan to date — a £13.26m development finance facility for the delivery of a new PBSA scheme in Northampton.
The facility will be used to demolish a three-storey former retail store, and create a new building, comprising 201 student apartments.
The new building will also contain lower ground retail space, as well as study pods, a gym and laundry facilities for the students.
According to the developer, the new project aims to help address the housing supply for both local and international students looking to study in the town.
Commenting on the deal completion, Neil Roper, regional director for Midlands at Assetz Capital, said: “This is the second scheme we have supported the connection with, having completed a similar facility in Leicester city centre in 2021.
“The vision and spirit of the company to take a vacant property and assist the town by creating vital accommodation for its students is exactly the sort of proposal we exist to fund.”
Andrew Fraser, chief commercial officer at Assetz Capital, added: “We are delighted to have supported the customer on their growth journey.
“With PBSA alone, Assetz Capital has provided over £48.9m funding the construction of over 790 beds across the UK, and we continue to support development of PBSA, BTR and traditional large scale development.”
