InterBay has completed a £15m refinance deal for 65 studio flats across two student accommodation blocks.
The blocks, located on the outskirts of a major city, serve students from a nearby Russell Group university.
The investment involved upgrading existing stock, with one block built in 2019 and the other a Victorian-era conversion.
The units are finished to a high standard, featuring a 24-hour concierge, automatic blinds, and solar panels, contributing to an Energy Performance Certificate (EPC) rating of Band B and lowered utility costs.
Marc Callaghan (pictured), head of commercial lending at InterBay, said: “We’re delighted to have worked alongside Rob Heywood from Sirius Finance and his client on this high quality project.
“The client has over 30 years’ experience in student accommodation and 100% occupancy with a strong letting history.
“PBSA is a sector that InterBay has actively supported for over 10 years so we’re confident in our market knowledge and expertise.”
Callaghan added: “In this particular case we were able to base the finance on 75% investment value and 88% of the vacant possession valuation, meaning we were able to leverage a higher amount for Rob and his client.
“Our inhouse teams worked seamlessly together to complete the case and we worked very closely with the solicitors at Paris Smith to ensure a smooth transaction journey.
“It was another great team effort both internally and with our external partners.”
Rob Heywood, senior associate – structured finance at Sirius Finance, said “We approached InterBay for a few reasons; we needed an experienced lender who could handle complexity and having already worked with Marc and the team on a number of deals, I had every confidence they could get this case over the line.
“From start to finish, it was a fantastic collaboration with everyone involved, including the sales, underwriting and completions teams.”
Heywood added: “Everyone worked diligently to explore different options and their solution solving abilities are second to none.
“It’s a great testament to the well established relationship we’ve built between InterBay & Sirius.”
