Paragon backs Cammaro’s Cambridge PBSA with £32m loan

Cammaro has secured a funding facility and stabilisation loan from Paragon Bank’s development finance division for a £32m, 138-bed purpose-built student accommodation scheme in Cambridge. The scheme is located in the Orchard Park area, just outside Cambridge city centre and close to nearby universities, such as University of Cambridge and Anglia Ruskin University. The development will comprise two blocks of apartments, with the first block consisting of studio apartments and the second providing cluster living with en-suite bedrooms and shared communal space, in addition to a communal TV and games room within the development. This deal was led on behalf of Paragon Bank by Simon Dekker, senior relationship director, with support from portfolio manager Izzy Sargeant. Paragon provided a loan facility and stabilisation loan for the development. Dekker said: “It’s been great to work with the Cammaro team to bring much-needed student accommodation to the city of Cambridge. The new scheme promises to deliver high-quality homes for students to live and study in, with great communal facilities. “As there continues to be a shortfall of student beds across the country, we’re seeing more demand for high-quality student homes close to popular university towns and cities, so we’re delighted that we’re able to support developers to provide this housing at Paragon.”