- The bespoke loan is to a joint venture between Harrison Street and Torsion Developments;
- The capital is for a 361-bedroom purpose-built student accommodation (PBSA) called Pine Mill in Lincoln, UK;
- Located a c.12-minute walk from the University of Lincoln’s main campus and a c.20-minute walk from Lincoln City Centre, the accommodation has managed to achieve almost 100% occupancy;
- The full-time student population in Lincoln has experienced a CAGR of c.4.1% over the last ten years, so demand for student accommodation remains strong[1].
OakNorth Bank, the neobank for entrepreneurs, by entrepreneurs, has completed a bespoke loan to a joint venture between Harrison Street and Torsion Developments, for a purpose-built student accommodation (PBSA) development in Lincoln called, Pine Mill.
Harrison Street, one of the leading investment management firms that exclusively focuses on alternative real assets, has over $55 billion in assets under management and has invested in over 105,000 student beds throughout North America and Europe. Meanwhile, Torsion Developments which was founded in 2015, specialises in student accommodation, care, residential, and housing. Its team has a combined experience of delivering over 16,000 beds across the UK, with a combined gross development value of c.£130 million.
Dan Spencer, Founder of Torsion Developments, continued: “With student numbers at both the University of Lincoln and Bishop Grosseteste University continuing to rise, we’re delighted to be playing our part in bringing highly sought-after PBSAs to the city. The experience with OakNorth was delightful, and we look forward to continuing to build the relationship with them.”
Damien Hughes, Senior Director of Property Finance at OakNorth Bank, concluded: “We’re delighted to be working with two such strong businesses in Harrison Street and Torsion Developments. They both have incredibly strong track records in this space and have clearly already demonstrated a strong product market fit with this new site. We look forward to continuing to support them with future projects.”
Harrison Street and Torsion were advised by JLL.
ENDS
Notes to editors
[1] Savills – Lincoln PBSA Market Report (Oct-22)
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
Since its launch, the bank has:
- Lent over £8.5bn, directly helping with the creation of 37,000 new jobs and 27,000 new homes across the UK.
- Raised deposits from c.175,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Media contact
Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588
[1] Savills – Lincoln PBSA Market Report (Oct-22)