The £15m loan to Study Inn is Cambridge & Counties’ second deal with the Coventry based Study Inn business which also has operations in Coventry, Nottingham, and Sheffield and is planning new openings in Bristol, Liverpool and Glasgow over the next three years.
The Cambridge site is Cambridgeshire County Council’s former head office buildings at Castle Court. A 125-year lease was acquired for the 84,000 sqft building in 2016 and it was then converted and opened for the 2016-17 academic year.
Cambridge & Counties Bank first worked with Study Inn in 2014, providing a loan against two of its Coventry properties after being introduced by Tan Bahia, director of Leicester-based Federal Finance.
Study Inn director Kieran Leahy said:
“Having worked with the Bank before, when we completed the Cambridge project and were seeking mortgage finance, Cambridge & Counties was a natural fit.
“Cambridge & Counties was very keen to be involved – it’s a flagship property for us and for the Bank, and it’s in Cambridge, of course, a city that is important to them.”
“Working with Cambridge & Counties has been a very good experience. It is very straightforward and their speed of decision making is swift. We are very happy with the transaction.”
Simon Lindley, chief development officer at Cambridge & Counties, said: “Study Inn is a great company which Cambridge & Counties is very pleased to be supporting as it expands its business model to new cities.”
The rooms at Cambridge are all en-suite with fully fitted kitchens and high-quality finishes and equipment. The all-inclusive package includes electric bikes to get to college and a fully equipped gym complete with steam room. It offers lets for the academic year and also for semesters.
Tan Bahia said:
“We went to Cambridge & Counties with this opportunity because we have enjoyed a long relationship with the Bank and we know they take a bespoke view to the structuring of each deal.”
“Once we had the support from the Bank’s team we could be confident that they would be dedicated to making it happen. If they say yes, they mean yes. Having worked together with Study Inn and Cambridge & Counties on previous loans I knew the client liked the Bank and that both were keen to build their relationship.”
Shazan Miah of Gateley acted for Study Inn whilst Sam Pancholi of Freeths acted for Cambridge & Counties. The valuer was Mark Thompson of BNP Paribas.
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