Laisteridge Student Village in Braford city centre has received a £2.99 million facility from Assetz Capital to create 169 new student rooms in response to pressing need for high-quality student housing in the city.
The facility will be used to refurbish an existing building on the site ,with the rooms to be added to two existing blocks.
Baseball Developments is being advised by Auxilium Real Estate with the project targeting local as well as international students.
Ricky Humphreys, Relationship Director at Assetz Capital, says: “Bradford has a continuing undersupply of quality Purpose-Built Student Accommodation [PBSA] and we are proud to play our part in supporting the repurposing of this building.
“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 seek to fund.”
This was a difficult loan to secure and it required a skilled development lender like Assetz to understand a sub-market that isn’t particularly well known.
Closing the debt is a great milestone for the borrower.”
Andrew Fraser, Chief Commercial Officer at Assetz Capital, adds: “We are delighted to have supported Auxilium Real Estate and their customer on this key scheme.
With PBSA alone, Assetz Capital has provided over £52.9m funding the construction of over 959 beds across the UK, and we continue to support the development of PBSA, BTR and traditional large-scale development.”
