Paragon Bank’s development finance division has provided a £29.6m package to Tribe Student Accommodation to support the development of a 267-bed PBSA scheme in Southwark, London.
Work has already commenced on the 10 to 12-storey building, which is located on a site previously occupied by a KFC restaurant. The scheme, which will offer communal lounges, a study space, roof garden and pocket park, is expected to be complete for the 2024-25 academic year.
Laurence Quail, Tribe director, said: “This development will provide much-needed student accommodation for some of the capital’s largest universities. The Old Kent Road is undergoing significant redevelopment and this scheme is part of a wider programme that will upgrade the area.
“Paragon is a bank that knows how the PBSA market works and one of the few lenders that can support a scheme from concept through to completion. We’re pleased to have been able to work with the bank on this project.”
James Helmore, Paragon Bank relationship manager, added: “This is an exciting project that will result in top-level student accommodation in a growing student market. Tribe has an excellent reputation for student accommodation provision and we’re pleased to have been able to support the company on this scheme.”
