Financing specialist Quantum Development Finance has provided 30 million pounds in debt financing for the delivery of a new student accommodation facility in Durham. The loan is being provided to development firm Asset Capital, which is spearheading the new-build scheme under the name Melbury Court.
The planned residential scheme sits in the purpose-built student accommodation (PBSA) segment. The concept comprises a total of 232 beds and is intended to expand the supply of modern accommodation in the university city in northern England.
Solid funding foundation for Melbury Court
The total gross development value (GDV) of the project amounts to 46 million pounds. The funds disbursed by Quantum Development Finance represent a central component in carrying out construction work for Melbury Court as planned and placing the development on a stable financial footing.
- —Financing volume: 30 million pounds in debt from Quantum Development Finance
- —Developer and borrower: Asset Capital
- —Capacity and use: 232 beds in purpose-built student accommodation (PBSA)
- —Gross development value (GDV): 46 million pounds
Completion scheduled for summer 2027
According to the current schedule, Melbury Court is due to be fully completed in summer 2027. The target date is timed for the start of the subsequent academic year, ensuring that ready-to-occupy units are available for future residents on schedule.
With the conclusion of the financing agreement between Quantum Development Finance and Asset Capital, the key steps towards delivery have been taken. Following handover, Melbury Court will help meet the demand for specialised student housing in Durham with modern space concepts.
