Zorin Finance has secured a new £7.7m PBSA development loan in the historic and popular university town of Bath. Zorin has become a well-versed PBSA lender, and this transaction will mark the seventh scheme of this type in 2023 alone. The deal has strengthened the already well-established relationship between Zorin and the borrower, who is a known and trusted developer in the South West with an in-house construction team.
The 14-month loan will finance the acquisition and refurbishment of an existing building delivering a first phase of 46 student beds with the potential for a further 20. The development will create a part 4, part 5 storey building with a ground floor extension providing amenity space as well as a first-floor communal terrace. The beds will be a combination of studios and cluster flats, all finished to a high standard of specification that has come to be recognised as standard with this borrower’s developments.
With two universities in Bath, the PBSA scheme will capitalise on the growing strong demand for modern student beds in this town. The scheme’s proximity to both universities, and a variety of shops, facilities, and public transport will prove to be an attractive choice for students.