Riverside House – a 242-room purpose-built student accommodation (PBSA) development in Manchester – has benefited from a £19.2m loan from Secure Trust Bank (STB) Real Estate Finance.
The five-year PBSA loan has enabled real estate investment firm BGO to back Orka, a technology-enabled emerging manager with a focus on operational real estate.
The deal was supported by solicitors Shepherd and Wedderburn, along with the assistance of Julie Percy, Relationship Support Specialist at STB.
“Despite the deal’s complex ownership restructure, the STB team’s professional and pragmatic approach ensured that this could be overcome with ease.
“I would like to thank all parties involved for their hard work and steadfastness in getting this deal completed.”
Raoul Malhotra, Managing Partner, Orka
Located in the heart of Manchester’s key education hubs, Riverside House serves a wide spread of institutions, with the University of Salford, Futureworks and UCEN all within walking distance.
The PBSA scheme was refurbished ahead of the 24/25 student year to include two common rooms, a gym, cinema and games room and secure bike storage.
“Here at STB, we pride ourselves on being a relationship-led bank and we consequently take a tailored approach to every deal we encounter.
“Investing in student accommodation is only growing in popularity, and we are pleased to have assisted BGO and Orka in bringing this joint venture to fruition.”
Mike Feasey, Relationship Director, Secure Trust Bank Real Estate Finance
