The loan has been secured by Rengen over a 20-month term to transform the existing asset.

This will be used to deliver a scheme with 150 ensuite bedrooms, along with amenities such as study spaces, a residents lounge and a cinema room.

The development will be delivered in phases, with the first 50 beds expected to be available for occupation for the 2026/27 academic year, followed by the remaining 100 beds scheduled for completion in January 2027.

“This transaction marks our ninth loan with Rengen, reflecting the strength of the relationship we have built over a number of years and our commitment to supporting experienced developers as a long-term lending partner,” said Avi Miller, credit director at Atelier.

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“Their specialist expertise in repositioning first-generation PBSA assets, combined with a proven track record of successful delivery, gave us great confidence in this opportunity.

“With strong fundamentals underpinning the Cambridge student accommodation market and a clear strategy for delivery, we look forward to supporting the borrower as they bring this development forward."

Iestyn Lewis, founder CEO at Rengen, added: "The Atelier team delivered once again, working to tight timescales while structuring a facility that provided the right level of Day One advance.

“Their expert understanding of the requirements associated with financing a first-generation student refurbishment project was evident throughout the process, enabling them to provide a pragmatic solution and complete the transaction efficiently."