Private equity firm Prescient Capital has secured a £44.3m loan from Secure Trust Bank (STB) Real Estate Finance to refinance three purpose-built student accommodation (PBSA) assets in Glasgow, Sheffield and Leeds.
The three-year loan will refinance the Clyde Court scheme in Glasgow and the Electric Press in Sheffield both completed in recent years, and listed building the Leatherworks in Leeds. The properties were developed and refurbished by Urbanite, which has a joint venture with Prescient.
Danny Thornton, relationship director at STB Real Estate Finance, said: “It’s always great when a client is recommended to us based on our previous performance and good reputation in the market.
“With a loan of over £44m required to refinance three PBSA sites, this project came with its own unique set of challenges, but the strong relationship and flexible approach between our teams, the introducer and the borrower meant we could overcome them in a smooth and professional manner.”
The deal was brought to STB by Clive Offord of Cofford & Co Property Finance.
Prescient Capital director Doug Friend added: “When we were looking at the refinancing of these three PBSA assets, our main considerations were competitive pricing on such a large loan and reliability in a timely delivery.
“We hadn’t worked with Secure Trust Bank previously, but our long-term contact Clive Offord had heard positive things about the company and we were impressed with its pricing structure and commitment to providing us with a bespoke loan that works for our ongoing strategy.”
Last month, MCR Property Group secured a £32.7m loan from Atelier to refinance and refurbish a PBSA scheme in Canterbury, Kent.
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