Black Book Finance has arranged 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, UK.
The client, a PBSA, residential and industrial developer located in London, required a competitively priced senior debt facility, that could be arranged swiftly enough to ensure the build programme comfortably meets the September 2022 student intake.
Michael Clapper (pictured), 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 our client was particularly impressed by the flexibility and commerciality demonstrated by the superb deal team at Puma Property Finance.”
Eliot Kaye, managing director at Puma Property Finance, said: “Our thanks go to Michael and his team at Black Book Finance, not only for another introduction to an excellent client, but also for their proactive intermediation, always ensuring both a swift turnaround of information and that the deal stayed on track with each inevitable twist and turn.”
Clapper added: “Our PBSA clients are seeing excellent booking rates from students for the incoming year on completed schemes – in spite of the challenges thrown up by the pandemic – which bodes well for the ongoing strength of the PBSA sector.”
