Ethos Property has refinanced two of its recently developed student accommodation assets for £29.7m.
The loan, provided by Starz Real Estate, is against luxury accommodation schemes The Neighbourhood Exeter and The Neighbourhood Cardiff, which provide 369 beds with access to onsite facilities including a gym, a cinema and study rooms.
The buildings are operated by Collegiate AC, a student accommodation provider that manages assets in 30 cities across Europe.
“Our approach to The Neighbourhood is to design and develop exceptional student living experience commensurate with the diverse and multi-dimensional needs of sophisticated students from all around the world,” said Christos Demetriou, managing director of Ethos Property.
“These assets have been designed with student community and individual wellbeing at the heart of the accommodation experience and we are delighted with the feedback from our residents at this very early stage. Completing the development phase represents a major milestone in the lifecycle of our client’s investment and we are delighted to be working alongside the team at Starz as we move to stabilising the assets in their early stages of operational use.”
Limor Shilo, head of loan origination at Starz, added: “We are pleased to have supported Ethos Property in their refinancing of The Neighbourhood portfolio. Both the Exeter and Cardiff student housing markets display a demonstrated demand and supply imbalance, with large parts of the student population having no access to purpose-built accommodation. The Neighbourhood portfolio is therefore well placed to take advantage of this imbalance.”