A 242-room purpose-built student accommodation block in Manchester has benefitted from a £19.2m loan provided by Secure Trust Bank Real Estate Finance.
Located in the heart of Manchester’s key education hubs, Riverside House serves a wide spread of institutions, with the University of Salford, Futureworks and UCEN all within walking distance.
The five-year PBSA loan has enabled real estate investment firm BGO to back Orka, a technology-enabled emerging manager with a focus on operational real estate.
Riverside House was refurbished ahead of the 24/25 student year to include two common rooms, a cinema and games room, secure bike storage and a gym, extending its appeal to students.
“Despite the deal’s complex ownership restructure, the STB team’s professional and pragmatic approach ensured that this could be overcome with ease," said Raoul Malhotra, Managing Partner at Orka adding, "I would like to thank all parties involved for their hard work and steadfastness in getting this deal completed.”
Mike Feasey, Relationship Director at Secure Trust Bank Real Estate Finance, said: “Here at STB, we pride ourselves on being a relationship-led bank and we consequently take a tailored approach to every deal we encounter. Investing in student accommodation is only growing in popularity, and we are pleased to have assisted BGO and Orka in bringing this joint venture to fruition.”
