The funding will be used to refinance developer’s acquisition of the Ramsey Drive site and help deliver the 239-bed scheme.

The ‘Peppermill Court’ development has a GDV of £34.7m and will include 227 standard ensuite rooms, with 10 adaptable en-suites and two accessible en-suites.

Site clearance has been completed, with development underway. Practical completion is expected by summer 2027, ready for the 2027/28 academic year.

The funding was led on behalf of Paragon by senior relationship director Simon Dekker, with support from portfolio manager Izzy Sargeant.

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“This project represents an exciting step forward for sustainable student accommodation, combining high-specification facilities with outstanding environmental credentials,” said Simon.

“Our team’s expertise in the PBSA sector enabled us to structure a funding package tailored to the needs of both the developer and the city’s vibrant student community.”

Peppermill Court will be constructed with photovoltaic panels on the roofs of both blocks, triple glazing and high levels of insulation. Bat and bird boxes will be included to encourage local biodiversity.

Dan Newett, director at Asset Capital, added: “Peppermill Court sets a new benchmark for sustainable student living.

“This project reflects our ongoing dedication to quality and innovation in student housing.”