Development finance lender Atelier has completed a £16m loan with Rengen for the refurbishment and repositioning of a 150-bed first generation purpose-build student accommodation (PBSA) scheme in Cambridge.
The loan, which is structured over a 20-month term, will enable Rengen to transform the asset into a modern student living scheme, providing 150 en-suite student bedrooms, alongside a range of amenities, including dedicated study spaces, a residents’ lounge and a cinema room.
The development will be delivered in phases with the first 50 beds expected to be available for occupation for the 2026/27 academic year, followed by the remaining 100 beds scheduled for completion in January 2027.
Avi Miller, credit director at Atelier, said: “This transaction marks our ninth loan with Rengen, reflecting the strength of the relationship we have built over a number of years and our commitment to supporting experienced developers as a long-term lending partner. Their specialist expertise in repositioning first-generation PBSA assets, combined with a proven track record of successful delivery, gave us great confidence in this opportunity. With strong fundamentals underpinning the Cambridge student accommodation market and a clear strategy for delivery, we look forward to supporting the borrower as they bring this development forward.”
Iestyn Lewis, founder CEO of Rengen, added: “The Atelier team delivered once again, working to tight timescales while structuring a facility that provided the right level of day one advance. Their expert understanding of the requirements associated with financing a first-generation student refurbishment project was evident throughout the process, enabling them to provide a pragmatic solution and complete the transaction efficiently.”
