Table of Contents
Key Highlights:
- Karis Capital provides £25.25 million in funding for new student housing in Leeds through partnership between Zenzic Capital and Torsion Group.
- The loan enables the joint venture partners to deliver 183 new PBSA units, addressing the shortage of quality student housing in Leeds.
- The project has a gross development value exceeding £500 million, being part of the joint venture’s expanding UK portfolio.
- Karis Capital CEO Nicholas Christofi says the potential and location of the development were key factors in securing favourable loan terms.
- Karis Capital’s experience in real estate finance enabled delivering the best rates and terms for this major development.
News in Details:
Leeds, UK – February 23, 2024 – Real estate debt advisory firm Karis Capital has arranged a £25.25 million development loan for a new purpose-built student accommodation scheme in Leeds, UK. The loan secured a joint venture between real estate investment firm Zenzic Capital and contractor Torsion Group.
The funding enables the partners to construct 183 student housing units in Leeds, addressing shortages. The £500 million project expands Zenzic and Torsion’s UK portfolio, now over half a billion pounds.
Nadine Buckland, the CEO of Zenzic Capital, offered praise for Karis Capital and advisor Nicholas Christofi. She commended them for designing an optimal loan option. Buckland stated, “We knew from a previous engagement that Christofi’s skilled Karis Capital team could be trusted.” She continued, “This thoughtfully structured loan will empower our joint venture to deliver an exceptional project.” The executive noted the facility’s importance in satisfying Leeds’ burgeoning demand for high-end student housing.
According to Karis Capital CEO Nicholas Christofi, the potential and location of the Leeds development were key factors in securing favourable loan terms from lenders. Christofi stated: “The project’s potential and final product were immediately evident. It largely enabled obtaining the best possible terms, affording the project team freedom to focus on a market-leading development. It’s a privilege to enable such a large-scale, impressive project benefiting Leeds’ students and community.”
Karis Capital boasts extensive real estate finance experience. The firm works with premier developers on high-profile UK projects. Its hands-on expertise assists clients in securing optimal rates and lenders, pursuing maximum returns. Karis has cultivated relationships with finance leaders, valuers, lawyers, and other specialists to ensure smooth transactions.
The new PBSA development aims to meet the surging demand for quality student housing in thriving Leeds. Construction of 183 new units will start soon, with completion slated for 2025.
Summary:
Karis Capital has arranged a £25.25 million loan enabling the joint venture partners, real estate firms Zenzic Capital and Torsion Group, to construct 183 new units of premium purpose-built student housing in Leeds. This project aims to address the shortage of quality accommodation options to meet growing demand. With a total value exceeding £500 million, the development will deliver much-needed housing. The firms commended Karis Capital’s expertise in securing optimal financing for this major endeavour.
