The site being acquired is just north of Nottingham city centre and will include 210 studio bedroom units with amenity and welfare spaces.

The developer is said to already be active in Nottingham’s student accommodation market, which — according to Unite Students — has over 60,000 students.

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.

“This loan required creative structuring to meet the purchase requirements while working to a tight deadline,” said Raj Hothi, senior investment manager at Atelier.

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“We were delighted to support a repeat customer with a track record of securing opportunistic site purchases in Nottingham and throughout the country.”

PBSA has been an area of growth in 2024.

Earlier this month, DFT reported that investment in UK PBSA had surged five-fold in the first quarter of this year.

According to figures from Knight Frank, just shy of £750m worth of PBSA transactions completed in Q1 2024.

The pipeline of PBSA assets is also strong.

In April, DFT reported that the value of construction starts on student accommodation schemes reached £502m in the first quarter of this year.

This is a rise of 34% from the same quarter in 2023.