Based at the site of a former local social club, Paradise Street was a large student housing development, south-east of Coventry City Centre. The borrower created an uplift in value through the planning process which we recognised as eligible equity in the deal.
The two main universities in Coventry are Coventry University and the University of Warwick. Since 1995, both universities have seen a considerable increase in numbers of both UK students and over 100% growth respectively of numbers of international students (source: Coventry.gov.uk). This demand is reflected in the Paradise Street scheme, which is now finished and completely sold.