361-bed PBSA scheme receives fresh backing

The JV behind a landmark PBSA scheme in Lincoln has been handed a bespoke loan by OakNorth Bank to fund the project.

Harrison Street and Torsion Developments’ 361 bedroom Pine Mill development adds to the combined 121,000 beds the firms have delivered since their inception.

The scheme is a c. 12-minute walk away from the University of Lincoln’s main campus and a 20-minute walk from the city center. It is almost fully occupied.

US-based Harrison Street, a leading investor in alternative real assets, has over $55 billion of assets under management. Torsion specializes in student accommodation, care, residential and housing developments and has delivered a plethora of UK student schemes with a gross development value of around £130m.

The value of the loan from OakNorth has not been disclosed.

Dan Spencer, founder of Torsion Developments, said: “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, added: “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.

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