Asset Capital secures £23m funding to progress 239-bed York PBSA
The loan from Paragon Bank will be used to refinance the company’s acquisition of the site and support the development of the property, which is currently underway with completion expected in summer next year.
Peppermill Court will have a GDV of £34.7m and is being built by HACS Construction on the site of a former NHS mental health facility on Ramsay Close, with clearance now complete.
York’s lack of student accommodation is a well-recognised problem in the city, and this development will primarily serve pupils at the city centre York St John, as well as the more fringe University of York intake.
The development will be made up of two blocks, with rooms consisting of 227 standard ensuites, 10 adaptable ensuites, and two accessible ensuites.
Sustainability credentials will include PV panels on the roofs, triple-glazing, high levels of insulation, and bird and bat boxes.
The funding was led on behalf of Paragon by senior relationship director Simon Dekker, with support from Portfolio Manager Izzy Sargeant.
This latest development adds to Paragon’s portfolio of PBSA as part of its development finance diversification strategy.
Dan Newett, director at Asset Capital, said: “Our commitment to environmental standards and modern amenities ensures that future residents will benefit from comfortable, energy-efficient accommodation in a thriving university city.
“This project reflects our ongoing dedication to quality and innovation in student housing.”
