Cammaro has secured a funding facility and stabilisation loan from Paragon Bank’s Development Finance division for a new £32 million, 138-unit purpose-built student accommodation (PBSA) scheme in Cambridge.
This will be the first PBSA scheme undertaken by Cammaro, the operational arm of a private investment fund and part of a group that has specialised in the Build to Rent market within the Cambridge region.
This deal was led on behalf of Paragon Bank by Simon Dekker, Senior Relationship Director, with support from Portfolio Manager Izzy Sargeant. Paragon provided a loan facility and stabilisation loan for the development. Once completed the new scheme is anticipated to have a Gross Development Value of £32 million.
HIGH-QUALITY
Decker said: “The new scheme promises to deliver high-quality homes for students to live and study in, with great communal facilities.
“As there continues to be a shortfall of student beds across the country, we’re seeing more demand for high-quality student homes close to popular university towns and cities, so we’re delighted that we’re able to support developers to provide this housing at Paragon.”
PBSA MARKET
Alex Duchesne of Cammaro Limited, added: “The new scheme will provide a mix of accommodation to suit students’ needs, all finished to a high standard, and marks our entry into the PBSA market after successfully building our Build-to-Rent proposition.”
The development (pictured) is located just outside Cambridge city centre and will comprise two blocks of apartments, with the first block consisting of studio apartments and the second providing cluster living with en-suite bedrooms and shared communal space as well as a communal TV and games room within the development.
It will be fully managed by Vertex Living, the group’s property and rental management division.
