£29m refinance completed at Hull student development

xA £29m refinance has been completed at a major student accommodation scheme in Hull.Aldermore Bank has provided a £29m, ten-year, interest only commercial residential investment refinance facility to Kexgill Cranbrook Ltd and Kexgill Cottingham 2 Ltd, both subsidiaries of Kexgill Ltd.The Kexgill Group owns the University Quarter, a branded area adjacent to The University of Hull campus.The deal involved the refinancing of 174 residential units, consisting of houses in multiple occupation (HMOs) and a large student accommodation building. In total the residential units make up 857 bedrooms, which form a substantial part of the University Quarter, adjoining The University of Hull.The deal represents the largest commercial mortgage transaction Aldermore has done to date.Steve Williams of Bespoke Business Finance recommended Aldermore for the financing. Ben Lamb and Phil Dine of law firm Clarion acted for Aldermore. Andrew Jackson Solicitors acted for Kexgill Ltd, led by property partner Helen Mellors with Mark Davies (banking) and Samuel Peake (property).