Asset Capital has secured a £30m loan from SME housebuilding lender Quantum Development Finance (Quantum) to fund the delivery of a £46m GDV, 232-bed purpose-built student accommodation (PBSA) scheme in Durham.
The five-storey Melbury Court scheme, which will be built by Caddick Construction, is due to complete in summer 2027. In addition to private living spaces, tenants will benefit from study rooms, a gym, games area, cinema and private dining area.
Sam Hudson, head of portfolio management at Quantum, said: “We are delighted to support another project for Asset Capital. Dan and his team’s deep knowledge of the PBSA market continues to be proven invaluable as they have obtained an excellent planning consent and executed a coordinated delivery strategy. We look forward to supporting them on this scheme to get essential new student accommodation in place before the start of the next academic year.”
Dan Newett, director of Asset Capital, added: “Melbury Court will be built to achieve a BREEAM Excellent rating and will provide top quality accommodation and amenities for the University of Durham’s students for many years to come. Quantum has proven once again to be an ideal funding partner. Durham is not an easy place to get new housing approved and built, but Quantum got to grips quickly not only with our project but the dynamics in which we’re operating and structured a flexible facility that allows us to get work started on time so that we can deliver before next year’s new student intake arrive.”
