£3.1 million loan to acquire student accommodation site in Nottingham
Added by Love Business East Midlands | 18 May 2024
UPDATED: 22 May 2024
A £3.1 million loan has been provided to facilitate the acquisition of a 210-studio purpose-built student accommodation site just north of Nottingham City Centre, specialist development finance lender Atelier has today announced.
The loan included a VAT tranche to assist the borrower in covering VAT costs associated with the purchase price as some land titles were opted to tax.
The developer already has a strong standing in Nottingham’s student accommodation market, giving them a firm understanding of both local and student needs. The site has consent for 210 student bedrooms complete with amenity and welfare spaces.
As a key student city with two popular universities, Nottingham has a combined student population of 70,000 (according to BNP Paribas Real Estate) with accommodation in prime locations high in demand.
Raj Hothi, Senior Investment Manager at Atelier, commented:
“This loan required creative structuring to meet the purchase requirements whilst working to a tight deadline. We were delighted to support a repeat customer with a track record of securing opportunistic site purchases in Nottingham and throughout the country.”
