The new five-year facility has been provided by an affiliate of Cerberus Capital Management.

This redeems three development loans which were held individually against each asset from Zorin Finance, Ingenious Group and Atelier Finance.

The three PBSA assets comprise 476 beds in total and are currently 99% occupied, all operated by Torsion-owned LUNA.

These are located in Warwick and Leeds.

The JV, which has ambitions to create a £500m student accommodation portfolio of over 2,000 beds, has two other assets.

These include a 137-bed asset in Nottingham and a 205-bed asset currently under development in Leeds, with the latter targeting completion for the 2027/28 academic year.

“This refinancing is an important milestone for the JV and reflects the work we have done with Torsion to stabilise these three assets, while providing firepower for further expansion,” said Nadine Buckland, CEO at Zenzic Capital.

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“Despite challenges in some parts of the PBSA sector, the JV’s high occupancy levels are testament to the quality of our assets, which are situated in the best micro locations within popular student cities, as well as the professionalism and excellence of Torsion’s operating platform, LUNA.”

Dan Spencer, CEO at Torsion Group, added: “[This refinancing] reflects the successful delivery and stabilisation of these assets and demonstrates the strength of our fully integrated model across investment, development and operations.

“We are hugely grateful to our JV partners at Zenzic, to Cerberus for providing the new investment facility, and to Zorin Finance, Ingenious Group and Atelier Finance for their support throughout the development phase.

“Completing this refinancing not only validates the quality of the assets and the performance of our LUNA operating platform, but also provides a strong foundation for the next phase of growth.”