ATELIER has announced the completion of a £4.7 million loan for the development of a 48-room purpose built student accommodation scheme in Aberdeen.
The loan, structured at 70% LTV over a 19-month term, will enable the transformation of a Category-A listed former hotel into student accommodation.
Luke Eadie, lending manager at Atelier, commented, “This is our first transaction with the borrower, who has a strong track record of delivering high-quality student accommodation in Aberdeen. 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.”
