Secure Trust Bank Real Estate Finance funds three PBSAs with £44.3m loan
The three-year loan facility was used by Prescient Capital to refinance the sites and support asset stabilisation before shaping their future plans.
Secure Trust Bank (STB) Real Estate Finance has provided a £44.3m loan to refinance three purpose-built student accommodation (PBSA) sites in Glasgow, Sheffield and Leeds.
The sites, developed or refurbished by Urbanite and backed by Prescient Capital, include Clyde Court in Glasgow, Electric Press in Sheffield and the Leatherworks in Leeds.
The three-year loan facility was used by Prescient Capital to refinance the sites and support asset stabilisation before shaping their future plans.
Clive Offord of Cofford & Co Property Finance introduced Prescient Capital to Secure Trust Bank due to its track record in the PBSA market and recent activity in the North.
Doug Friend, director at Prescient Capital, said: “When we were looking at the refinancing of these three PBSA assets, our main considerations were competitive pricing on such a large loan and reliability in a timely delivery.
“We hadn’t worked with Secure Trust Bank previously, but our long-term contact Clive Offord had heard positive things about the company, and we were impressed with its pricing structure and commitment to providing us with a bespoke loan that works for our ongoing strategy.”
Danny Thornton, relationship director at STB Real Estate Finance, said: “It’s always great when a client is recommended to us based on our previous performance and good reputation in the market.
“It’s even better when it’s for a large-scale, complex project such as this one.
“With a loan of over £44m required to refinance three PBSA sites across the UK, this project came with its own unique set of challenges, but the strong relationship and flexible approach between our teams, the introducer and the borrower meant we could overcome them in a smooth and professional manner.”
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