Specialist lender backs student scheme with £13m loan

Specialist finance provider Assetz Capital has awarded its largest ever loan to fund the development of a new student accommodation scheme in the East Midlands.

The facility – Assetz’ largest ever – will be used to develop 201 apartments on the site of a former Debenhams store in Northampton town centre.

The scheme at 33-39 Drapery is being developed by Drapery Property Northampton Limited.

Andrew Fraser, chief commercial officer for Assetz Capital, said: ‘We continue to support development of PBSA, BTR and traditional large scale development. With PBSA alone Assetz Capital has provided over £48.9m funding the construction of over 790 beds across the UK. We are delighted to have supported the customer on their growth journey.”

The proposed development in Northampton will be built from the ground up following the demolition of the existing building and will contain a lower ground retail space, study pods, a gym and laundry facilities.

Neil Roper, regional director for the Midlands at Assetz, said: “This is the second scheme we have supported the connection with, having completed a similar facility in Leicester city centre in 2021. The vision and spirit of the company to take a vacant property and assist the town by creating vital accommodation for its students is exactly the sort of proposal we exist to fund. I can’t wait to see the finished property full of happy students.”