Jerroms completes loan for The Pinnacles PBSA

Jerroms Mortgage & Finance have supported the completion of a multimillion-pound refurbishment loan for The Pinnacles purpose-built student accommodation (PBSA) scheme.

The Pinnacles development. Jerroms Mortgage & Finance have completed a refurbishment loan for the scheme | PBSA News
The Pinnacles development. Jerroms Mortgage & Finance have completed a refurbishment loan for the scheme.

Jerroms Mortgage & Finance have provided lead advisory support to secure a £15m refurbishment loan. The cash injection enables Sama Investments to acquire and improve The Pinnacles purpose-built student accommodation (PBSA) scheme in Sheffield’s canal basin.

With Sheffield Hallam University close by, and public transport links offering connections to the rest of the city, The Pinnacles is ideally located for students. The development will offer a variety of luxurious two-, three-, four-, and five-bedroom ensuite flats.

“We are delighted to have advised and supported Sama Investments throughout the fund-raising process. It was a pleasure to work with the team at Hampshire Trust Bank, who have a reputation for successfully backing high-quality PBSA developments. This project demonstrates our ongoing dedication to supporting PBSA initiatives throughout the UK. We wish Sama Investments the very best for the future and look forward to watching the project progress.”

Mark Flower, Jerroms Mortgage & Finance

Mark Flower and Paul O’Reilly from Jerroms Mortgage & Finance worked closely with Hampshire Trust Bank to secure the loan for The Pinnacles, which will enable Sama Investments to carry out work to upgrade the 600-bedroom building, modernising internal areas and remediating cladding work to improve the overall environment, social and governance (ESG) efficiency of the building.

“I should like to thank Mark Flower and Paul O’Reily from Jerroms Mortgage and Finance for their resolute support throughout the fund-raising process. It was a pleasure to work with them and their unwavering dedication, professionalism and knowledge was fundamental in us securing the required financing. We look forward to making this student block refurbishment a reality.”

Bilal Ahmed, CEO, Sama Investments

Recently Sama Investments unveiled plans to deliver its Perryian Works flagship PBSA scheme at 1 Lancaster Circus in Birmingham.

The proposals aim to transform the brownfield site, which was previously Birmingham City Council’s office building. Situated on the edge of Lancaster Circus Queensway and Lawson Street, the PBSA scheme will be delivered across two landmark towers – one of which will rise to 50-storeys, which will act as a focal point for the area.