Maslow Capital supports modular PBSA scheme in Edinburgh with £20m financing package
Specialist real estate development finance provider Maslow Capital has announced the completion of a £20 million development facility for Audley Modular Student Living’s 257-unit PBSA scheme in Edinburgh.
The brownfield redevelopment which lies adjacent to the University of Edinburgh’s Kings Building campus will boost the supply of PBSA apartments available to students attending Edinburgh’s second largest University campus, where circa 18,500 students and research postgraduates study across multiple schools.
The £39.7m GDV scheme, which was introduced to Maslow by Montpelier Private Finance, will consist of two buildings providing a total of 257 high specification PBSA beds. 74% of the available units will be dedicated studio apartments, providing a comfortable living experience that is complemented by best-in-class amenities such as a modern gym, communal lounge, laundry facilities and cinema.
Residents will also have access to secure storage for up to 148 bicycles as well as landscaped grounds and outdoor seating to promote mental wellbeing.
The design and specifications of the building will include an assortment of energy efficiency measures including, LED lighting with PIR control to communal areas, an externally super-insulated envelope to maximise thermal efficiency and minimise cold bridging of the modular construction, naturally ventilated accommodation spaces and point of use heating to avoid heat losses within the local system.
Sky Mapson, deal origination at Maslow Capital, said: “Audley Modular Student Living and their team of experienced professionals were a pleasure to deal with on this transaction. We are delighted to be involved with a scheme that has such strong ESG credentials and look forward to seeing the scheme built out in time for the 2022 academic year.”
Rachael Gordon, senior associate at Maslow Capital, added: “There continues to be a structural undersupply of PBSA in Edinburgh, with a limited pipeline, particularly in the vicinity of Kings Building campus. Maslow Capital is pleased to support Audley Modular Student Living, who are addressing this undersupply, whilst providing high specification units that are fully capable of improving their resident’s overall university experience.”
Vijay Patel, group operations director at Audley Modular Student Living, commented: “As a PBSA & PRS focused developer, it’s extremely important that we partner up with the right development funder. Maslow’s support of our modular scheme on Mayfield Road, Edinburgh demonstrates both their understanding and commitment to both modern methods of construction, as well as the student market.”
Thomas Knust, group finance director at Audley Modular Student Living, said: “Maslow have proven yet again to be a formidable funding partner.”