Zorin Finance, the alternative property lending specialist, can announce the completion of an £11.7m investment loan for a PBSA property in the popular student city of Leeds. This is the first transaction between Zorin and the borrower, who are highly experienced in developing, constructing and operating student accommodation.
Zorin’s loan will refinance the newly constructed 91-studio flat PBSA property, with resident access to premium communal amenities including a games area, gym and study rooms. Both the micro and macro location of the property is positive. There are local shops immediately adjacent, and the city centre with numerous retail, leisure and entertainment amenities perfect for student life, only a 15-minute walk. The property is also within walking distance of four universities, including the University of Leeds and Leeds Beckett University.
The Leeds market has a supply shortage with existing PBSA showing a provision rate of 37% beds to full time students. We look forward to continuing to work closely with the borrower in this growing market.