Multi-million pound loan secured to acquire and upgrade 600 student apartments

A 600-bedroom student accommodation building in Sheffield is being acquired and is set to be refurbished.

Jerroms Mortgage & Finance provided lead advisory support to secure a £15m loan to enable Sama Investments to acquire and improve The Pinnacles student accommodation, in Sheffield’s canal basin.

The Pinnacles offers a variety of two, three, four, and five-bedroom en suite flats.

Its new owner will modernise internal areas and remediate cladding work to improve the overall environment, social and governance efficiency of the property.

Mark Flower and Paul O’Reilly, both from Jerroms Mortgage and Finance, worked with Hampshire Trust Bank to secure the loan which will enable Sama Investments to carry out work to upgrade the building.

Bilal Ahmed, CEO of Sama Investments, said: “I should like to thank Mark Flower and Paul O’Reily from Jerroms Mortgage and Finance for their resolute support throughout the fundraising 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.”

Flower added: “We are happy to have advised and supported Sama Investments throughout the fundraising process.

“It was a pleasure to work with the team at Hampshire Trust Bank, who have a reputation for successfully backing high-quality purpose built student accommodation (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.”