Provider of real estate development finance – Maslow Capital – provides a £114m development facility to Union Property Development to support the delivery of their purpose-built student accommodation (PBSA) scheme in Central London.
Maslow Capital’s financing package will support Union Property Development with the redevelopment of the existing PBSA asset, which will undergo a significant refurbishment and reconfiguration program.
“We are delighted to support this exciting new PBSA project. Our team’s commitment and efforts enabled us to complete this transaction in just eight weeks from credit approval, which is a testament to our dedication to providing swift and efficient financing solutions. To date, Maslow has funded over 4,800 PBSA beds, and we are pleased to have utilised this experience to deliver for our client.”Emma Burke, Head of Deal Origination, Maslow Capital
The 356 bed London PBSA development is in the desirable area of Paddington. Students living at the scheme can reach ten university campuses within half an hour’s travel time.
The proposed redevelopment will offer modern and comfortable living spaces – as well as a range of high-quality social and wellbeing amenities. These include bookable kitchen/dining and games spaces, social and events space, gym, residents lounge, individual and group study areas, laptop bar, laundry and internal cycle storage facilities.
The internal fabric of the building will undergo extensive modernisation, introducing cutting-edge VRF heating and cooling, smart controls and building management systems, and new double-glazed windows and insulation to improve the building’s appearance and energy performance credentials.
“This project is an important part of our PBSA development programme where a key focus is to deliver well-designed schemes that meet the modern needs of the students, along with offering strong sustainability and energy performance credentials. The enhancements to the accommodation reflect our current priorities: the day-to-day happiness of our residents, and the wellbeing and safety of all those who live and work in our buildings.
“The Union Property team are excited to be working with Maslow on this high-profile development and are looking forward to building our relationship across the broader Union Property portfolio. We’d especially like to thank the Maslow team for their professionalism in getting our first transaction with them completed in such a timely fashion.”Raj Sehgal, Director, Union Property Services
This project was introduced and brokered by Mark Nixon of Finance 55 – a real estate debt brokerage with offices in Newcastle and London. The scheme is expected to address a significant shortfall in London’s outdated PBSA supply and provide relief for students looking for high-quality accommodation in the city.
Union Property Development are an experienced family-owned property development, management and investment business, with a portfolio extending across the UK. The company has over two decades of experience in developing a diverse range of commercial properties and city centre student accommodations, and their expertise puts them at the forefront of innovative, sustainably focused development.
“We are proud to be supporting a highly regarded, family-owned business in Union Property Development. Located in a prime area of Central London and underpinned by contemporary living spaces, we believe this will be an exceptional scheme and highly desirable to students.”Anthony Raud, Deal Origination, Maslow Capital
Maslow Capital offers flexible funding solutions for professional developers across the UK undertaking mainly PBSA developments, residential, PRS and mixed use. This latest completion continues the company’s steadfast commitment to supporting UK property developers. In the last two weeks, Maslow has provided a total of £372m in financing packages.