£29.6m funding for 267-bed Southwark student scheme

Tribe Oldd Kent Road web.jpg

  • Finance: £29.6 million
  • Location: Old Kent Road, London
  • Units: 267 beds 
  • Paragon Deal Team: Senior Relationship Director Nigel Jackson, Relationship Manager James Helmore and Portfolio Manager Megan Andreou

Tribe is a premium provider of purpose-built student accommodation across London. Its latest scheme is a 267-bed development on the Old Kent Road in South London.

Demand for student accommodation in the area is growing, alongside the broader redevelopment of the Old Kent Road area. The Old Kent Road scheme will cater to students studying in higher education facilities in south London and across the capital.

Paragon has supported the scheme with a £29.6 million finance package, that includes a stabilisation facility. This provides an 18-month period post-completion of the development for the scheme to season with student occupancy for up to two academic years.

The funding for Tribe Student Accommodation will result in a 10 to 12-storey development, with 257 sqm of retail/restaurant space on the ground floor level. There will be a mix of cluster rooms and studios, and the scheme will also provide communal lounges, a study space, roof garden and pocket park.

The funding was led on behalf of Paragon by Senior Relationship Director Nigel Jackson and Relationship Manager James Helmore, with support from Portfolio Manager Megan Andreou.

“This development will provide much-needed student accommodation for some of the capital’s largest universities. The Old Kent Road is undergoing significant redevelopment and this scheme is part of a wider programme that will upgrade the area.

 “Paragon is a bank that knows how the PBSA market works and one of the few lenders that can support a scheme from concept through to completion. We’re pleased to have been able to work with the bank on this project.”

Laurence Quail, Tribe

 “This is an exciting project that will result in top-level student accommodation in a growing student market. Tribe has an excellent reputation for student accommodation provision and we’re pleased to have been able to support the company on this scheme.”

James Helmore, Paragon Bank Relationship Manager

To find out how we can support your business, visit our Development Finance webpage.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551