Puma Property Finance

Puma Property Finance closes development deals worth £50m

Puma Property Finance has closed several development loans totalling £50m.

The deals included a £25m loan to finance the development of two retirement living schemes in the South East.

The facility will provide 50 retirement flats in Wantage, Oxfordshire, and 25 retirement flats in Chigwell, Essex.

“With such strong demand, retirement living developments remain an attractive area where Puma Property Finance can make a difference to those seeking to downsize into high-quality developments that meet their needs,” said Eliot Kaye, director at Puma Investments UK.

“We are pleased to have completed this loan facility within 10 weeks of first meeting the developer — a testament to our strong team, and we will continue to seek out opportunities to support the retirement living and care home sector, in addition to financing a range of residential, commercial and other specialist sector projects.”

The development lender has also completed two loan facilities totalling £25m for PBSA schemes in Colchester and Leicester, with Victoria Hall Management Limited (VHML).

The £16m facility for the Colchester scheme will provide a 252-bed development for students at the University of Essex, while the £9m loan in Leicester will deliver 131 beds for students at De Montfort University.

Kevin Davidson, director at Puma Property Finance, said: “Puma Property Finance is delighted to have closed facilities on our first two PBSA schemes with VHML, one of the leading developers of student accommodation in the UK, and to have met the tight completion timescales on both deals.

“Student accommodation continues to offer an attractive market for experienced PBSA developers and is another alternative sector where we are increasing our lending activity as we continue to grow our loan book through 2019 and beyond.” 

John Nesbitt, managing director at VHML, added: “We are very pleased to agree this loan facility with Puma Property Finance and look forward to delivering these exciting projects for the students in Colchester and Leicester.”

Pictured above: Wantage development

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