London, England, 15th March 2023 – Maslow Capital, a leading provider of real estate development finance, has announced the completion of a £114 million development facility, supporting Union Property Development with the delivery of their 356 bed, Purpose-Built Student Accommodation (PBSA) scheme in Paddington, Central London.
Union Property Development are an experienced family-owned property development, management and investment business, with a portfolio extending across the UK. With the support of Maslow’s financing package, the redevelopment will see an existing PBSA asset, undergo a significant refurbishment and reconfiguration program.
The development, which is located in the desirable area of Paddington, Central London, will place students within half an hour’s travel time of 10 university campuses.
The proposed redevelopment will not only offer modern and comfortable living spaces, but also provide a wide range of high-quality social and well-being amenities, including bookable kitchen / dining and games spaces, social and events space, residents lounge, individual and group study areas, laptop bar, gym, laundry and internal cycle storage facilities
The internal fabric of the building will undergo extensive modernisation, introducing cutting-edge VRF heating and cooling, smart controls and building management systems, and new double-glazed windows and insulation to improve the building’s appearance and energy performance credentials
The project which was introduced and brokered by Mark Nixon of Finance 55, a real estate debt brokerage with offices in Newcastle and London, is expected to address a significant shortfall in London’s outdated PBSA supply and provide relief for students looking for high-quality accommodation in the city.
This latest completion continues Maslow Capital’s steadfast commitment to supporting UK property developers. In the past week alone, Maslow has provided a total of £372 million in financing packages.
Emma Burke, Head of Deal Origination at Maslow Capital said: “We are delighted to support this exciting new PBSA project. Our team’s commitment and efforts enabled us to complete this transaction in just 8 weeks from credit approval, which is a testament to our dedication to providing swift and efficient financing solutions. To date, Maslow has funded over 4,800 PBSA beds, and we are pleased to have utilised this experience to deliver for our client.”
Anthony Raud, Deal Origination at Maslow Capital said: “We are proud to be supporting a highly regarded, family-owned business in Union Property Development. Located in a prime area of Central London and underpinned by contemporary living spaces, we believe this will be an exceptional scheme and highly desirable to students.”
Raj Sehgal, Director at Union Property Services said: “This project is an important part of our PBSA development programme where a key focus is to deliver well-designed schemes that meet the modern needs of the students, along with offering strong sustainability and energy performance credentials. The enhancements to the accommodation reflect our current priorities: the day-to-day happiness of our residents, and the wellbeing and safety of all those who live and work in our buildings.
The Union Property team are excited to be working with Maslow on this high-profile development and are looking forward to building our relationship across the broader Union Property portfolio. We’d especially like to thank the Maslow team for their professionalism in getting our first transaction with them completed in such a timely fashion.”
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