Cammaro has secured a funding facility and stabilisation loan from Paragon Bank’s development finance division for a £32m GDV purpose-built student accommodation (PBSA) scheme in Cambridge.
The 138-unit scheme, which is located in the Orchard Park area, just outside Cambridge city centre, will comprise two blocks of apartments.
The first block will provide studio apartments and the second block will provide cluster living with en-suite bedrooms and shared communal space, in addition to a communal TV and games room.
The development is the first PBSA scheme undertaken by Cammaro, the operational arm of a private investment fund and part of a group that has to date specialised in the build-to-rent market within the Cambridge region.
Alex Duchesne, from Cammaro, said: “We’re thrilled to be able to bring more student accommodation to the bustling city of Cambridge – a city that is always popular with students. The new scheme will provide a mix of accommodation to suit students’ needs, all finished to a high standard, and marks our entry into the PBSA market after successfully building our build-to-rent proposition.”
Simon Dekker, senior relationship director at Paragon Bank, who led the deal with support from portfolio manager Izzy Sargeant, added: “It’s been great to work with the Cammaro team to bring much-needed new student accommodation to the city of Cambridge. The new scheme promises to deliver high-quality homes for students to live and study in, with great communal facilities.
“As there continues to be a shortfall of student beds across the country, we’re seeing more demand for high-quality student homes close to popular university towns and cities, so we’re delighted that we’re able to support developers to provide this housing at Paragon.”
