Rengen Developments has announced the completion of a significant £16 million financing arrangement aimed at both refinancing and refurbishing the Sedler Court purpose-built student accommodation (PBSA) project located in Cambridge. The loan was executed by SPF Private Clients and underwritten by Atelier Capital Partners at 70% loan-to-gross-development-value (LTGDV). This new financing signifies a continuation of the strong relationship between Rengen and Atelier, which has previously seen Atelier provide funding for four separate schemes in 2023.
The Sedler Court Overview
Sedler Court is a well-established student accommodation scheme comprising 150 en-suite bedrooms arranged across 30 cluster apartments. The property is exclusively available to students of Anglia Ruskin University, with each cluster apartment featuring five en-suite bedrooms. Additionally, these apartments are equipped with a shared furnished kitchen and dining area, fostering a community atmosphere among residents.
Facilities and Location Benefits
The accommodation boasts three community rooms that can be utilised for training sessions and classes. The largest of these rooms spans an impressive 72 square metres, accommodating up to 65 individuals. Located within a convenient 20-minute walk from the university campus, Sedler Court is also situated near Mill Road, a vibrant area renowned for its array of independent shops, restaurants, cafes, and bars, making it an attractive option for students living in Cambridge.
Acknowledgements and Partnerships
In a statement, Daniel O’Neil, Executive Director at SPF Private Clients, expressed gratitude towards Atelier Capital Partners for their efficient underwriting process and timely execution. He also recognised Rengen Developments for their continued trust in this established partnership, as well as the legal teams that facilitated the transaction. This collaboration illustrates how strong sponsorship, a determined lender, and competent legal representation can successfully bring a quality scheme like Sedler Court to fruition.