The borrower, Vita Group, is using the funding to begin work on the brownfield site after appointing McAleer & Rushe as lead contractor for the property.
The PBSA is part of the £240m New Waverley regeneration project and includes transferring existing residential consent.
Once completed, Vita Student New Waverley will include a gym, social and study spaces and ground floor commercial premises.
Completion is being targeted ahead of the 2026 academic year with this to be Vita’s third student residence in the Scottish capital.
This is the second PBSA Puma and Vita have partnered on, with the lender previously funding the developer’s 269-bed asset in Belfast.
“We are delighted to be renewing our partnership with Vita on this mixed-use student and commercial development,” said Kevin Davidson, managing director at Puma Property Finance.
“The site offers a fantastic location for students — close to the city centre, transport links and the Edinburgh University campus.
“Vita Student’s developments are recognised as best-in-class in the PBSA market, and this site will be no different. We look forward to supporting the business again on more developments in the future.”
This is also the fourth partnership between Vita and McAleer & Rushe with the contractor already working extensively on the New Waverley regeneration project.
“We’re delighted to assemble our trusted partners McAleer & Rushe and Puma Property Finance so that work can get started on transforming this brownfield site into our third Vita Student residence in the city,” added Max Bielby, COO at Vita.
“Through this major investment into the redevelopment of New Waverley, the project will support economic growth creating new jobs for the city and provide much-needed student accommodation for Edinburgh’s growing student population.”
Leave a comment