OakNorth Bank provides loan for Pine Mill PBSA

OakNorth Bank provides a bespoke loan for Pine Mill - a purpose-built student accommodation development in Lincoln.

View of Lincoln Cathedral. OakNorth Bank has provided a loan to a JV between Harrison Street and Torsion Developments for Pine Mill PBSA in Lincoln | PBSA News
View of Lincoln Cathedral. Image credit: Chris N Illingworth / Lincoln Cathedral.

OakNorth Bank, a neobank created for entrepreneurs, by entrepreneurs, has completed a bespoke loan to a joint venture between Harrison Street and Torsion Developments, for a 361-bedroom purpose-built student accommodation (PBSA) development, called Pine Mill, in Lincoln. Harrison Street and Torsion were advised by JLL.

In earlier 2021, Torsion revealed its innovative sustainability measures for Pine Mill, with the joint venture announcing the construction of the scheme in May 2022. Pine Mill – located a c.12-minute walk from the University of Lincoln’s main campus and a c.20-minute walk from Lincoln city centre – has now managed to achieve almost 100% occupancy.

“With student numbers at both the University of Lincoln and Bishop Grosseteste University continuing to rise, we’re delighted to be playing our part in bringing highly sought-after PBSA to the city. The experience with OakNorth was delightful, and we look forward to continuing to build the relationship with them.”

Dan Spencer, Founder, Torsion Developments

Harrison Street, an investment management firm that exclusively focuses on alternative real assets, has over $55bn in assets under management and has invested in over 105,000 student beds throughout North America and Europe. Founded in 2015, Torsion Developments specialises in student accommodation, care, residential and housing. Its team has combined experience of delivering over 16,000 beds across the UK, with a combined gross development value of c.£130m.

“We’re delighted to be working with two such strong businesses in Harrison Street and Torsion Developments. They both have incredibly strong track records in this space and have clearly already demonstrated a strong product market fit with this new site. We look forward to continuing to support them with future projects.”

Damien Hughes, Senior Director of Property Finance, OakNorth Bank