Octopus Property’s largest ever development loan of £36 million
Third Purpose Built Student Accommodation deal with developer EREC Estates Ltd
Both Coventry and Warwick universities facing a significant bed shortage
London, 7 February 2019 - Specialist property lender Octopus Property, part of the Octopus Group, has agreed to provide EREC Estates Ltd, an experienced UK developer of student accommodation, with a £36 million senior loan for the development of a major Purpose Built Student Accommodation (“PBSA”) scheme in Coventry. The scheme was brought to Octopus Property by John Kerrigan – Director at Arc & Co., who advised EREC Estates Ltd on the debt structure, which also included a £9.2m mezzanine loan. This loan represents the largest ever development deal completed by the team within Octopus Property.
Arc & Co.’s John Kerrigan
To read the full release, please click here
Contact:
John Kerrigan, Director, Structured Finance - Arc & Co. T: +44 (0) 20 3205 2124 E: john@arcandco.com
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