The funding will be used to refinance existing debt and partially repay an existing lender.

This 18-month facility is secured against a 664-bed former student village on the Kirkstall Brewery site, with full planning permission to convert this into 151 apartments alongside 202 retained PBSA beds.

No development is planned during the loan term, with refurbishment of the PBSA element funded by borrower equity.

The transaction builds on progress already achieved at the site, including the disposal of an eastern parcel to an institutional investor and a long-term lease agreed with Leeds City Council across part of the retained accommodation.

The lease is expected to deliver approximately £2.5m per annum of savings to the council over its term.

Full planning consent was granted by Leeds City Council in November 2025 for the conversion of the PRS parcel.

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The deal was introduced by Johnny Grassick, associate director at GLPG, and led by Alexia Evans, lending director at HTB (pictured above).

“This was a scheme where the key consideration was how the asset would be managed over time, not just its position today,” said Alexia.

“With planning in place and clear progress already made, the focus was on structuring a facility that allows that to continue without forcing an early decision, while remaining aligned to how the site will be worked through in practice.”

Johnny added: “With planning in place, a number of viable routes forward and progress already achieved on parts of the scheme, including the lease to Leeds City Council, the key was putting a structure in place that didn’t restrict those options too early.

“This gives the borrower the flexibility to build on that momentum and take the right route as the scheme evolves.”