Black Book Finance closes £10.25m facility
Black Book Finance has arranged a £10.25m senior debt facility with Puma Property Finance.
The fund is to be used to develop a 123-bed purpose-built student accommodation (PBSA) scheme in Portsmouth, UK.
The client, a PBSA, residential and industrial developer located in London, required a senior debt facility that could be arranged swiftly enough to ensure the build programme meets the September 2022 student intake.
Michael Clapper, chief executive at Black Book Finance, said: “We have arranged development finance for this client on a series of successful PBSA projects, and in this case our client was particularly impressed by the flexibility and commerciality demonstrated by the superb deal team at Puma Property Finance.
“Our PBSA clients are seeing excellent booking rates from students for the incoming year on completed schemes – in spite of the challenge.”
Eliot Kaye, managing director at Puma Property Finance, said: “Our thanks go to Michael and his team at Black Book Finance, not only for another introduction to an excellent client, but also for their proactive intermediation, always ensuring both a swift turnaround of information and that the deal stayed on track with each inevitable twist and turn.”