Cambridge & Counties has made its largest loan to date by refinancing Study Inn’s student accommodation in Cambridge.
The £15m loan to the student accommodation specialist is the second deal between Cambridge & Counties and the Coventry-based company, which has operations in Coventry, Nottingham and Sheffield and is planning new openings in Bristol, Liverpool and Glasgow within the next three years.
The Cambridge site is Cambridgeshire County Council’s former head office buildings at Castle Court.
The site has a 125-year lease, which was acquired for the 84,000 sq ft building in 2016 and then converted and opened for the 2016/17 academic year.
The specialist bank previously worked with Study Inn in 2014, providing a loan against two of its Coventry properties after being introduced by Tan Bahia, director of Leicester-based Federal Finance.
“Having worked with the bank before, when we completed the Cambridge project and were seeking mortgage finance, Cambridge & Counties was a natural fit,” said Kieran Leahy, director at Study Inn.
“Cambridge & Counties was very keen to be involved – it’s a flagship property for us and for the bank, and it’s in Cambridge, of course, a city that is important to them.”
Simon Lindley, chief development officer at Cambridge & Counties, added: “Study Inn is a great company which Cambridge & Counties is very pleased to be supporting as it expands its business model to new cities.”
The rooms at the Study Inn in Cambridge are all en-suite with fully fitted kitchens and high-quality finishes and equipment.
Tan said: “We went to Cambridge & Counties with this opportunity because we have enjoyed a long relationship with the bank and we know they take a bespoke view to the structuring of each deal.”
Top picture left to right: Edward Jefferson of Study Inn, Steve Adams and Simon Lindley of Cambridge & Counties Bank and Kieran Leahy of Study Inn
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