We use cookies to track usage and preferences.

News releases

Paragon supports Study Inn Group with £17.25m funding package for Leicester-based PBSA scheme

Paragon Development Finance has supported Study Inn with a £17.25m funding package to assist with the development of a 267-bed scheme at Reynard House, Leicester.

Funding from Paragon will enable the refinance of the site acquisition and the new build and conversion of Reynard House, a former office block, into high quality serviced accommodation that is within walking distance of both universities and the town centre.

Paragon has a strong relationship with Study Inn, having financed £63mm, on seven previous schemes comprising 1,455 beds. This deal was supported by law firm Bird & Bird and independent consultants, Dalbergia.

The specialist lender is also supporting Study Inn with a funding package of £11.87m on a 167-bed scheme in Exeter, currently being delivered for the 2021-2022 academic year.

Marcus Hook, Group Finance Director at Study Inn, said: “As a committed lender, Paragon Development Finance support has been integral to this scheme. The regeneration of Reynard House will transform derelict office space to provide a well located, well managed quality offering for the students of Leicester. This will be the fifth scheme in our new portfolio of 2nd generation properties specifically designed to give our residents a higher quality of life experience in UK University cities.

“Paragon’s technical understanding of the development process and the pressures facing developers make them an ideal partner and we are pleased to be working with them again”.

Paragon Development Finance Relationship Director Simon Dekker added: “We were delighted to have been able to continue our relationship with Study Inn and support the developer in serving the student market. Reynard House is an impressive development that will be a huge asset to the students of Leicester.”

ENDS

For further information contact:

Michael Clarke
Head of Media Relations
Tel: 07740090746