Black Book Finance

Black Book Finance and Puma team up for £10.25m PBSA development deal

Black Book Finance has arranged a £10.25m senior debt facility with Puma Property Finance to fund the development of a 123-bed PBSA scheme in Portsmouth.

The client, a PBSA, residential and industrial developer located in London, required a competitively priced senior debt facility that could be arranged promptly to ensure its build programme meets the September 2022 student year, with the scheme set to be completed in August that year.

The project will offer 120 standard studios and three large studios over 11 storeys, as well as various amenities, including a gym, cinema room, residents lounge, private dining room and multiple study areas.

Michael Clapper, CEO at Black Book Finance (pictured above), said: “We have arranged development finance for this client on a series of successful PBSA projects and, in this case, it was particularly impressed by the flexibility and commerciality demonstrated by the superb deal team at Puma Property Finance.

“Our PBSA clients are seeing excellent booking rates from students for the incoming year on completed schemes, despite the challenges thrown up by the pandemic, which bodes well for the ongoing strength of the sector.”

Eliot Kaye, managing director at Puma Property Finance, commented: “Our thanks go to Michael and his team at Black Book Finance, not only for another introduction to an excellent client, but also for their proactive intermediation, always ensuring both a swift turnaround of information and that the deal stayed on track with each inevitable twist and turn.”

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