OakNorth has lent £33m to Mabec Property to develop two large student accommodation schemes, in Nottingham and Sheffield.
The Toscafund- and Penta Capital-backed developer is building 259 beds on the former Sheffield Star building and 483 beds on the old Radford Mills site in Nottingham.
Mabec director Mark Cavell said: “A key reason for us choosing OakNorth was because we needed the transaction to be completed quickly and the team has an excellent understanding of the market and both regions and were prepared to work just as hard as us to get the deal done.”
Founded in 2009, Mabec focuses on residential development and investment in the Midlands.
OakNorth Bank has completed several transactions this year in the student accommodation sector – most recently a £12.7m deal with Kexgill for a development in Hull, and a £17.5m transaction with Ankor for student blocks in Ealing and Greenwich.
To send feedback, e-mail alex.peace@egi.co.uk or tweet @EGAlexPeace or @estatesgazette
