Zorin Finance has completed a £65m refinance on its largest investment loan to date.
The PBSA led mixed-use scheme has become an important development, creating a vibrant new centre in Oxford for both students and the local community. The scheme comprises 261 much needed PBSA units, 20 BTR units, a Premier Inn hotel, 15 retail units including Tesco, Co-op and Iceland, and office and community space.
We are pleased to continue our relationship with the sponsor, a leading global consultancy and construction firm with extensive experience in the PBSA sector.
The transaction is a continuation of Zorin’s expansion into the investment lending market, particularly the PBSA sector, where supply across the UK is still struggling to meet the growing demand for student beds.
Loans will be available for up to 4 years with maximum LTVs ranging from 60% to 75% depending on asset class, and with ticket sizes between £5m – £150m. We are able to provide funding in a variety of scenarios including developer exits, stabilisation loans and lease-ups, or where the borrower requires a capital expenditure facility. Flexible debt structuring allows for an element of PIK interest to be rolled until loan maturity.