Atelier has completed a £16m development finance loan to fund the refurbishment and repositioning of a 150-bed first-generation PBSA scheme in Cambridge, in what represents the lender's ninth transaction with developer Rengen.
Transforming an existing asset
Structured over a 20-month term, the loan enables the transformation of an existing student accommodation block into a modern living environment offering 150 en-suite bedrooms alongside dedicated study spaces, a residents' lounge and a cinema room.
Delivery will be phased, with the first 50 beds targeted for occupation ahead of the 2026/27 academic year and the remaining 100 scheduled for completion in January 2027. The scheme is well placed to serve students at both the University of Cambridge and Anglia Ruskin University, with growing student numbers at both institutions driving demand for quality accommodation.
"This transaction marks our ninth loan with Rengen, reflecting the strength of the relationship we have built over a number of years and our commitment to supporting experienced developers as a long-term lending partner," said Avi Miller, credit director at Atelier.
"Their specialist expertise in repositioning first-generation PBSA assets, combined with a proven track record of successful delivery, gave us great confidence in this opportunity. With strong fundamentals underpinning the Cambridge student accommodation market and a clear strategy for delivery, we look forward to supporting the borrower as they bring this development forward."
A pragmatic approach to a complex structure
Iestyn Lewis, founder and CEO at Rengen, highlighted the lender's ability to move quickly on a technically demanding transaction. "The Atelier team delivered once again, working to tight timescales while structuring a facility that provided the right level of Day One advance," he said.
"Their expert understanding of the requirements associated with financing a first-generation student refurbishment project was evident throughout the process, enabling them to provide a pragmatic solution and complete the transaction efficiently."
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