Black Book Finance has entered into a £10.25m senior credit facility with Puma Property Finance to fund the development of a 123-bed PBSA scheme in Portsmouth.
The client, a PBSA, residential and industrial developer located in London, needed a competitively priced senior credit facility that could be put in place quickly to ensure its building program met the September 2022 student year, the program to be completed in August this year.
The project will offer 120 standard studios and three large studios over 11 floors, as well as various amenities, including a gym, cinema room, residents’ lounge, private dining room and multiple study spaces.
Michael Clapper, CEO of Black Book Finance (pictured above), said: “We have arranged development finance for this client on a series of successful PBSA projects and in this case he was particularly impressed with the flexibility and commerciality demonstrated by the superb deal team at Puma Property Finance.
“Our PBSA clients are seeing excellent student booking rates for the coming year on completed programs, despite the challenges posed by the pandemic, which bodes well for the continued strength of the industry.”
Eliot Kaye, Managing Director of Puma Property Finance, commented: “Our thanks go to Michael and his team at Black Book Finance, not only for another introduction to a great client, but also for their proactive brokerage, always ensuring the times a rapid turnover of information and that the deal stayed on track with every inevitable twist.
