Hilco Real Estate Finance (HREF) has completed an £11.5m, 12-month bridging loan for The Platform, a 488-unit purpose-built student accommodation (PBSA) building in Liverpool.
The loan enabled the borrower to repay previous debt on the recently acquired property, with HREF delivering the funds just over 14 days after initial engagement.
The Platform, completed in 2021, is close to the University of Liverpool and Liverpool John Moores University.
JLL handled valuations and Clarion provided legal due diligence.
Steve Allen, director at HREF, said: “We are seeing more enquiries from borrowers in the student accommodation market, and we are very pleased that we were able to deliver funds so quickly on this loan in the highly dynamic Merseyside market.
“This is the second student accommodation completion for HREF over the last 12 months and we see this as a sector where we can add real value.
“The sponsor in this case has a strong track record and the asset is well positioned to take advantage of several strong local universities.”
Max Lewis, chief investment officer at HREF, said: “This was a large and complicated transaction that HREF was able to complete in just two weeks, precisely because we are deploying our own capital, and are therefore able to lend with greater certainty and faster.
“This showcases HREF’s market leading speed of completion and deal execution capabilities.”
