Zorin Finance are pleased to announce the successful closure of a £16.2 million development loan, financing a 134-unit PBSA scheme in Edinburgh, Scotland.
The development will deliver a high-quality mix of 110 studio rooms, 6 accessible studios and 18 cluster apartment rooms, all with ensuites. It will also feature shared amenities including break-out spaces, a gym and a landscaped courtyard.
Located to the west of Edinburgh city centre, the scheme sits within one of the UK’s most established student markets, supported by a large and growing student population and consistently strong global university rankings.
This is Zorin’s first deal with established borrower, Donard Real Estate: a development platform specialising in delivering high-quality, sustainable living accommodation across the UK and Ireland.
George Cresswell, Lending Manager at Zorin Finance, commented:
‘Zorin are excited to be financing another PBSA scheme in a prime student market, supporting an experienced developer, Donard Real Estate, as they continue to deliver high-quality, well-located accommodation. We look forward to strengthening our relationship and seeing the progress of this development over the coming months.’
Steven Flannery, CEO of Donard Real Estate, commented:
‘At Donard we use the most advanced and modern construction methods to deliver Living assets in high demand locations across the UK and Ireland. To do this, it is important to have partners that have the same commercial foresight and the ability to deliver. Zorin were commercial and proactive on this deal from the outset, and delivered a commercial funding package to match our fairly unique requirements. Zorin’s team consistently exceeded our expectations, and we would be delighted to partner with them on future projects.’