Beaufort is very pleased to announce the completion of a mezzanine investment to the award-winning Torsion Group to support a purpose-built student accommodation development in Sheffield in just nine working days, from agreement of terms and credit approval to drawdown, over the Christmas and New Year break.
The investment will assist with the development of 220 student cluster beds and studios in the centre of Sheffield, with a host of amenities on its doorstep and will cater to students of both the University of Sheffield and Sheffield Hallam University.
The development is currently underway and anticipates welcoming the first students in time for the start of the 2019/2020 academic year in September.
Mark Quigley, Managing Director at Beaufort Capital Management, said,
“We are extremely pleased that this transaction has concluded successfully and look forward to seeing the project take shape over the coming months.
“Sheffield is a location I know well, and this is the third student scheme that I have funded in the city. This deal shows the continuing appeal of Sheffield as a key student market in the UK.”
Dan Spencer, CEO of Torsion Group, commented:
“We are delighted to close our first Mezzanine transaction with Beaufort and have been very impressed with the speed and their ability to move quickly to ensure funds were deployed to meet our challenging timescales.
“As our Development business continues to grow it is vital we have a funding partner like Beaufort who has the ability to work with us to find capital solutions that ensure our schemes can be delivered on time.
“Beaufort’s knowledge of developing and in particular the student sector has assisted greatly in closing the transaction and we very much look forward to working with them on other transactions within our pipeline.”
Nadine Buckland, Managing Director of Zenzic Partners, corporate finance advisor to the borrower, commented further:
“We were delighted to assist Torsion on this financing. There were a few intricacies to the structure and working with Beaufort was key to delivering a fully funded scheme to a tight timeframe.”