The 65% LTV loan will enable Rengen to refurbish the building, which is split into flats and located in the University of Bristol’s East Residential Village, is home to nearly 4000 students.
This marks Atelier’s fourth project of 2023 with Rengen, as since February, Atelier has provided four separate loans to the company — ranging from £2.7m to £7.3m — for a series of student accommodation regeneration schemes with a total GDV of £30.1m.
Iestyn Lewis, CEO at Rengen, commented: “Working with Atelier gives me the agility and certainty I need to secure the best development opportunities.
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“Its team understand my financial requirements and what it takes to succeed in the fast-growing but competitive student accommodation space.”
Martin Gilsenan, COO at Atelier, added: “Iestyn and his team have been successfully delivering student accommodation schemes since 2010, and its reputation is now second to none.
“We’re delighted to have forged an enduring relationship with Rengen and to be helping it deliver comfortable, regenerated accommodation for the next generation of students.”
Pictured above L-R: Daniel O Neil, director of real estate debt advisory at SPF Private Clients; Martin Gilsenan, COO at Atelier; and Iestyn Lewis, CEO at Rengen