A new Purpose-Built Student Accommodation (PBSA) in Central Birmingham has been refinanced by Secure Trust Bank (STB) Real Estate Finance with a £6m investment property loan.
Bridge Street Studios is a 70-studio apartment development, developed and managed by Birmingham-based Volume.Property, who specialise in student, Build to Rent and co-living properties. The deal for Bridge Street Studios was sealed thanks to STB's recognition as a PBSA funding specialist, and the bank's ability to offer a longer-term facility under highly competitive terms.
Positioned as a modern, spacious home-away-from-home, the Bridge Street accommodation is typical to the Volume.Property wider portfolio and is situated near both Aston and Birmingham City universities. Valued at £9.7m, the property boasts a gym, central courtyard, communal study spaces, and 66 studio apartments, with four additional mezzanine apartments.
The deal itself consisted of the bank lending £6m of student accommodation investment to enable the developer to refinance their facility on a stylish building over a three-year period. STB's support for the project began with construction already underway, ahead of completion in time for the 2022 intake of students.
Anthony Laville, Founder and CEO of Volume.Property, said: "I am passionate about creating spaces that leave our residents in awe. Bridge Street Studios had been under construction for over a year when a colleague of mine, Casey Wiles, came across STB through a media article.
"Casey contacted David Burke from STB and was clear that he'd be able to help us with our objectives. David was proactive in understanding the project, seeing our ambitions for the project as a whole. The STB team made a point of visiting the site, not only to engage with the wider team but also to understand the feel of the building itself, and we appreciated this approach. Overall, the clarity and competitive nature of David's terms was the reason we signed the deal."
David Burke, Relationship Director at STB, who structured the deal, said: "When Casey contacted us and as we got to know Anthony from there, we knew we could offer our expertise and knowledge in PBSA and real estate lending to help them, not just with Bridge Street Studios but with further developments too. Anthony's hands-on attitude married up with our personal engagement in every deal we do, and this really drove the process."
"Taking this method meant we were both able to narrow down the long-term objectives of the deal and form a strong relationship going into the future. We are very pleased to have been able to take on an investment like this for Anthony, which will allow him to continue growing Volume.Property and focus on pursuing other amazing projects."
For more details, visit Secure Trust Bank Real Estate Finance.