The funding was provided at 70% LTV for a term of 21 months, with a GDV of £12.2m.
The four-storey scheme — which will provide 71 student beds organised into 15 studios and 56 en suite rooms within four- and five-bed flats — will be within walking distance of both the University of Sussex and University of Brighton’s Falmer campuses.
Construction is expected to be completed in 2021, with the development open to the new intake of students in September of that year.
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“Puma Property Finance is delighted to provide a development facility for a high-quality PBSA scheme to an experienced and successful PBSA developer whom I have previously supported,” said Kevin Davidson, director at Puma Property Finance.
“We look forward to working with the client on this scheme and would like to thank David Yeadon at SPF for the deal introduction.
“This is the fourth PBSA scheme Puma Property Finance has provided development finance for in the past nine months and [it’s] a sector in which we are keen to expand our exposure as we continue to increase our development financing across the UK in 2020.”