Future Generation successfully refinances £39m development loan
Future Generation has refinanced a £39m development loan that will go towards the funding of the third phase of a Sheffield PBSA scheme and funded its Colchester PBSA schemes.
The third phase of ‘Steel City’ will mark the completion of the £35m scheme, adding 19 serviced apartments to the existing 324 student bedrooms.
Furthermore, it has received a £55m development loan to construct two other PBSA schemes in Loughborough and Nottingham.
The construction of the third phase of the Sheffield PBSA scheme is expected to be completed by spring 2021.
Andrew Southern, chairman of Southern Grove and Future Generation, said:
“The fact that these funding facilities are still coming together, even with COVID-19 wreaking havoc on industry and economies around the world, is testament to the long-term security of the student accommodation sector in the UK.
“We are going to weather this storm and come out of it even stronger, with positive consequences for the incomes of those firms and workers who help us to make these developments a reality.
“The completion of Steel City will also be an incredibly proud moment for me personally. Sheffield is my hometown and I still have plenty of family and friends there.
“It is a pioneering example of everything we’re trying to achieve nationally, transforming people’s expectations of student accommodation in terms of design and quality.”