Development finance lender Atelier has completed a £4.7m loan for the conversion of a Category-A listed former hotel in Aberdeen into a 48-room student accommodation scheme. The loan is structured at 70% LTV over a 19-month term.
Aberdeen is home to two major universities and has seen demand for purpose-built student accommodation outpace supply. The conversion will add 48 rooms to the city's PBSA stock.
"This is our first transaction with the borrower, who has a strong track record of delivering high-quality student accommodation in Aberdeen," said Luke Eadie, lending manager at Atelier.
"That experience, together with the quality of the underlying asset and a clear conversion strategy, gave us confidence in the scheme, and we're pleased to be supporting its delivery."
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