MCR Property Group has secured a £32.7m loan from Atelier to refinance and refurbish a purpose-built student accommodation (PBSA) scheme in Canterbury, Kent, Property Week can reveal.
The loan is structed over a 15-month term and will enable the refurbishment of the asset, Parham Student Village, which comprises 600 beds.
This marks the next phase of MCR Property Group’s PBSA growth plans, following the launch of its £360m brand platform Flow Student last month.
The platform currently owns and operates around 6,000 student beds, and MCR Property Group has set out ambitions to own 15,000 beds, valued at £1bn, by the end of this year.
Matthew-Blaine Young, head of origination at Atelier, said: “We are delighted to support MCR with the financing to develop and refurbish this existing PBSA asset.
“Our team delivered on our clients’ need for efficiency on this deal, with a transaction time of only 19 days. Excellent communication and collaboration between all teams made this possible”.
David Tracey, chief operating officer at MCR Property Group, added: “This was our first transaction with Atelier, and they were extraordinary in both service and delivery. The team demonstrated a clear commercial understanding of the PBSA sector, combined with a disciplined and responsive approach to loan structuring.
“Their ability to move decisively, and quickly while maintaining rigorous underwriting standards gave us confidence at every stage of the process. We look forward to building on this relationship.”
Earlier this year, Atelier surpassed £1bn worth of gross lending following its £21.7m loan to Study Inn Group earlier this month, supporting the development of a 203-bed purpose-built student accommodation scheme in Birmingham.
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