Aldermore bank has provided a £9.6 million property development loan to Torsion (Park Lane) Devco Limited, owned by Torsion Developments and Barnett Property Group, for the development of 91 studio apartments.
Once completed, the studios will be used by students and the building will feature a common room, gym, cinema and cycle storage.
David Whitehouse, property development manager at Aldermore, said: “We’re delighted to have worked with Torsion again and provide them with the bespoke finance facilities they need. Aldermore have worked with Torsion on four previous occasions and they delivered on time and to budget.
“Leeds is the largest legal and financial centre outside London with a thriving cultural scene which makes it a popular choice for both domestic and international students. We’re excited to see the project complete and look forward to backing Torsion fulfil their ambitions.”
Iain Bryson, head of development and specialist property at Aldermore, said: “It’s great to be backing Torsion on this project which will provide Leeds with more high quality student accommodation. We’re committed to working with property developers such as Torsion to provide the bespoke funding solutions they need.”
A spokesman said: "Torsion Developments is an experienced student accommodation provider who works with local communities to complete projects. Aldermore’s previous property development projects with them have included: a 220-bed student accommodation block in Sheffield, a 210-bed student building in Coventry and a 70-studio student building also in Coventry.”
David Worsley, managing director of Torsion Developments, said: “We are delighted to close our fourth senior debt facility with Aldermore. The collaborative approach during closing by all parties shows the strength of this relationship. We look forward to working alongside Aldermore in delivering this ‘Best in Class’ asset for the 2022 September intake.”
“During construction up to 80 workers will be employed and following completion of the development in time for the 2022/23 academic year, a permanent staff team will be employed to run the accommodation.”