OakNorth backs 222-bed Nottingham PBSA scheme
OakNorth has provided the special purpose vehicle managed by Omni Developments with a bespoke facility for a new PBSA development in Lenton, Nottingham.
The financing will be used to develop a six-storey block along Radmarsh Road comprising 222 student bedrooms, of which 148 will be en-suite rooms and 74 studios.
The building, which sits opposite the University of Nottingham’s Jubilee Campus, will also provide various co-working, dining and entertainment spaces throughout the building.
OakNorth has provided the special purpose vehicle managed by Omni Developments with a bespoke facility for a new PBSA development in Lenton, Nottingham.
The financing will be used to develop a six-storey block along Radmarsh Road comprising 222 student bedrooms, of which 148 will be en-suite rooms and 74 studios.
The building, which sits opposite the University of Nottingham’s Jubilee Campus, will also provide various co-working, dining and entertainment spaces throughout the building.
Omni was given the go-ahead to build the scheme, which has gross development value of around £25m, in 2019, with construction work starting earlier this year.
Andy Roberts, director at Omni, said: “Working with the university and other partners, we have jointly crafted a scheme that not only seamlessly integrates into the campus but has been enhanced by a social and environmental brief.”
Dale Cowdell, director of debt finance at OakNorth, added: “Andy is one of the region’s most experienced designers and developers specialising in PBSA. We look forward to working closely with him on future projects and seeing this development through to completion.”
OakNorth was advised on the transaction by Freeths, Knight Frank and Emerson Bond; the SPV, Radmarsh Road Holdings, was advised by Gunner Cooke.
Image © Omni Developments
