MCR Property Group has secured a £32.7m loan from Atelier for the refinance and refurbishment of Parham Student Village – a 600-bed purpose-built student accommodation (PBSA) block in Canterbury, Kent.
The loan, which is structured over a 15-month term, enables the refurbishment of an existing student asset, which will be run by Flow Student, MCR’s student operator.
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, COO 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.”
