Asset Capital has secured a £22.7m funding package from Paragon Bank to support the development of a 239-bed purpose-built student accommodation (PBSA) scheme in York.
The funding will be used to refinance the company’s acquisition of the Ramsey Drive site, which was formerly home to an NHS mental health unit, and support the delivery of the Peppermill Court scheme.
The development, which has a GDV of £34.7m, will include 227 standard ensuite rooms, with 10 adaptable en-suites and two accessible en-suites.
Dan Newett, director at Asset Capital, said: “Peppermill Court sets a new benchmark for sustainable student living. Our commitment to environmental standards and modern amenities ensures that future residents will benefit from comfortable, energy efficient accommodation in a thriving university city. This project reflects our ongoing dedication to quality and innovation in student housing. Paragon’s experience in the PBSA market set the bank apart from competitors. Simon and the team’s experience in this space stood out, which made them an ideal partner for this project.”
Simon Dekker, senior relationship director at Paragon Bank, added: “This project represents an exciting step forward for sustainable student accommodation, combining high-specification facilities with outstanding environmental credentials. Our team’s expertise in the PBSA sector enabled us to structure a funding package tailored to the needs of both the developer and the city’s vibrant student community.”
