Cammaro Limited has secured a funding facility and stabilisation loan from Paragon Bank’s development finance division for a £32m, 138-unit purpose-built student accommodation (PBSA) scheme in Cambridge.
The scheme is located in the Orchard Park area, just outside Cambridge city centre and close to nearby universities, such as the University of Cambridge and Anglia Ruskin University.
The development will comprise two blocks of apartments, with the first block consisting of studio apartments and the second providing cluster living with en-suite bedrooms and shared communal space.
This will be the first PBSA scheme undertaken by Cammaro Limited, the operational arm of a private investment fund and part of a group that has to date specialised in the Build to Rent market within the Cambridge region.
These Build to Rent developments are fully managed by Vertex Living, the group’s property and rental management division.
This deal was led on behalf of Paragon Bank by Simon Dekker, senior relationship director, with support from Portfolio Manager Izzy Sargeant.
Paragon provided a loan facility and stabilisation loan for the development.
Alex Duchesne of Cammaro Limited, said: “We’re thrilled to be able to bring more student accommodation to the bustling city of Cambridge – a city that is always popular with students.
“The new scheme will provide a mix of accommodation to suit students’ needs, all finished to a high standard, and marks our entry into the PBSA market after successfully building our Build-to-Rent proposition.”
Dekker added: “It’s been great to work with the Cammaro Limited team to bring much-needed new student accommodation to the city of Cambridge.
“The new scheme promises to deliver high-quality homes for students to live and study in, with great communal facilities.
“As there continues to be a shortfall of student beds across the country, we’re seeing more demand for high-quality student homes close to popular university towns and cities, so we’re delighted that we’re able to support developers to provide this housing at Paragon.”
