Real estate development finance provider Maslow Capital has announced the completion of a £114 mln (€130 mln) development facility, supporting Union Property Development with the delivery of a 356 bed, Purpose-Built Student Accommodation (PBSA) scheme in Paddington, Central London.
Union Property Development is a family-owned property development, management and investment business, with a portfolio extending across the UK.
With the support of Maslow’s financing package, the redevelopment will see an existing PBSA asset, undergo a significant refurbishment and reconfiguration programme.
The proposed redevelopment will provide a wide range of high-quality social and well-being amenities, including bookable kitchen / dining and games spaces, social and events space, residents lounge, individual and group study areas, laptop bar, gym, laundry and internal cycle storage facilities
The project which was introduced and brokered by Mark Nixon of Finance 55, a real estate debt brokerage with offices in Newcastle and London, is expected to address a significant shortfall in London's outdated PBSA supply.
In the last two weeks alone, Maslow has provided a total of £372 mln in financing packages.
‘Our team's commitment and efforts enabled us to complete this transaction in just 8 weeks from credit approval, which is a testament to our dedication to providing swift and efficient financing solutions,’ commented Emma Burke, head of deal origination at Maslow Capital. ‘We are delighted to support this exciting new PBSA project. To date, Maslow has funded over 4,800 PBSA beds.’