£14.8m funding to support student accommodation scheme

A £14.8m funding facility has been secured to support the development of a student accommodation scheme in Leeds.Urbanite has secured the finance facility from Paragon Development Finance to support its latest purpose build student accommodation (PBSA) project in the city.The company has acquired the Sugarwell Court student accommodation block from Leeds Beckett University and intends convert the site into cutting-edge student accommodation.The 20-month £14.8m facility supports the acquisition of the site and development of a 457-bed PBSA scheme.The funding was led on behalf of the bank by relationship director Simon Dekker, with support from senior portfolio manager Craig Seaborne.The latest funding with Urbanite is Paragon’s second deal with the company. Previously, the bank funded a 127-bed PBSA scheme in Sheffield for £6.3m, which is due for practical completion to meet the start of the academic year in 2022.Sugarwell Court currently comprises seven blocks of student accommodation. Part of building is grade II-listed, and was originally built as a tannery in the 19th century.