STB Real Estate Finance provides £18m refinance for Danehurst student accommodation
The facility, set at 63% LTV, allows Danehurst to keep the asset for an initial 15-month term.
Secure Trust Bank (STB) Real Estate Finance has provided an £18m loan to Danehurst to refinance The Pepper Mill, a student accommodation in Bonnington, Edinburgh.
The facility, set at 63% loan-to-value (LTV), allows Danehurst to keep the asset for an initial 15-month term.
The Pepper Mill is made up of 155 studio apartments and reached practical completion in time for the current academic year.
Amenities include a residents’ lounge, gym, library, cinema room and games room. Edinburgh Castle can be seen from studios on the upper floors.
The deal was led by Richard Lynn, senior relationship director, and James Reeves, relationship manager.
Lynn said: “Edinburgh is one of several cities across the UK where demand for student accommodation significantly outweighs supply.
“The Pepper Mill is a standout development, and we’re pleased to be supporting Danehurst again in providing much-needed student accommodation in such an incredible city.”
Reeves said: “Managing this deal alongside Richard was an extremely valuable experience.
“Edinburgh is a city close to my heart, seeing the transformation brought about by Danehurst was a privilege to be a part of.
“The Pepper Mill provides a standard of accommodation that will certainly add to the experience of students coming to the city, and I’m delighted to have helped bring this project forward.”
Bob Bratland, director at Danehurst, said: “Returning to STB to refinance this particular asset was an easy decision.
“The bank has a strong reputation in the PBSA space, and we were confident in the team’s ability to see this deal through to completion.
“We were happy to welcome students to their spectacular, well-designed studios last year.”
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