Leumi UK has agreed a £8.29m loan with Patron Capital and Curation Capital to fund the acquisition and refurbishment of a 70-bed PBSA scheme in West Hampstead.
Patron and Curation intend to convert the existing 70 cluster rooms into 63 studios and six ensuite rooms in preparation for the 2023-24 academic year. Room sizes will be increased and new amenities will be added, including a gym, games room, kitchen/dining area, bike storage and laundry facilities.
Christopher Stallard, relationship director at Leumi UK, said: “With demand for student housing vastly outstripping supply, there is now evidence that the high cost of studying in London is leading to a stalling in UK students studying in the capital. We want to ensure that the housing infrastructure is there to support students studying in London and retain the city’s reputation as one of the most popular education destinations worldwide.
“We’re delighted to have worked with Patron Capital and Curation Capital on this deal and this loan is testament to our ability to work with our clients on securing finance for much needed projects such as these. Whilst the timeline was challenging, the quality of the borrower’s management team, respective legal teams and the Leumi team was key to closing the deal at pace.”
Keith Breslauer, managing director of Patron Capital, added: “We’re pleased to be working alongside Leumi UK’s team of experts once again, benefitting from their invaluable insight and further developing our longstanding relationship. The team’s ability to deliver within a tight timescale, despite the challenging economic climate, is hugely appreciated.
“With over 330,000 full-time and sandwich students studying at a higher education institution in London, this is a fantastic opportunity to meet high demand and develop quality housing for the city’s growing number of students. Located only a five-minute walk from West Hampstead station and with access to the overground and Jubilee line, this property will possess convenient travel links as well as high-quality amenities for future students.”
