The 20-month facility will enable the developer to acquire the Sugarwell Court student accommodation block from Leeds Beckett University and convert it into a new 457-bed PBSA scheme.

The funding was structured to include Paragon Bank’s new stabilisation facility, which covers the period following the completion of a development until the scheme has seasoned with student occupancy for up to two academic years. 

Once the development is complete, the scheme will be refinanced onto an 18-month stabilisation facility. 

The deal was led on behalf of Paragon Bank by relationship director Simon Dekker, with support from senior portfolio manager Craig Seaborne.

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Simon said: “We were able to complete this finance facility in a short period of time to enable the customer to complete the acquisition of the site and commence development work. 

“This is the second deal we have funded with Urbanite, which is building a great reputation in the PBSA market.”

Timothy Smith, director at Urbanite, added: “Urbanite is thrilled to secure a secondary deal with Paragon Bank, bringing forward this exciting scheme for upgraded state-of-the-art purpose build student accommodation in Leeds. 

“We’re pleased to have acquired this site and to be able to convert it into bespoke student accommodation in a prime location in the centre of Leeds.

"We’ve built a great relationship with Simon and the team at Paragon; their support and understanding are gratefully received with the past two successful funding facilities.”