Maslow Capital has agreed development loans totalling £68m for the delivery of two purpose-built student accommodation (PBSA) schemes.
The loans will enable a joint venture between HIG Realty Partners and Primus Property Group to build 790 new student beds across two university cities. In Leeds, £36m will be allocated to the development of 402 studios located on Regent Street and a further £32m will support the development of a PBSA scheme in Lancaster providing 388 studios.
Both schemes will offer a wide range of amenities, including games rooms, common living areas, private dining rooms, group study spaces, cinema rooms, gyms, yoga studios and outdoor social areas.
Sky Mapson, director, deal origination at Maslow Capital, said: “We are delighted to deepen our relationship with two top-tier clients, through the funding of these transformative projects. Our extensive experience in the sector, having funded a significant number of student accommodation schemes resulting in the creation of 3,916 student units since our inception, underscores Maslow’s steadfast commitment to supporting the development of high-quality living sector assets in locations where demand exceeds supply.”
Rachael Gordon, head of deal execution at Maslow Capital, added: “The notable increase in the international student population in both Leeds and Lancaster has intensified the demand for high-quality student accommodation in these cities. The early reservation of properties and the heightened demand for homes within walking distance of universities are trends apparent in both cities. With esteemed universities experiencing a surge in enrolments, the supply of purpose-built student accommodations is pivotal.”
Duncan Melville, director at Primus Property Group, said: “The development of these two projects exemplifies our ambition to craft state-of-the-art student living experiences across the UK. Partnering with Maslow Capital, a proven name in the sector, assures us of the strength and reliability that comes with decades of experience in student accommodation financing. We are confident that together, we will set new benchmarks in student living, combining luxury, convenience, and community spirit.”
The HIG Realty Partners and Primus Property Group joint venture was advised by JLL.
