LaSalle Investment Management and Investec Structured Property Finance have teamed up to lend student housing developer Scape Student Living £52.5m to build a campus in Shoreditch, east London, with an end value of more than £100m.
The lenders split the construction loan equally between them and the loan-to-value ratio is in the 50%s. It will evolve into an investment loan when the 540-bed scheme, which will also include 50,000 sq ft of teaching facilities, communal areas and a restaurant, is completed in 2015.
The deal is the second for LIM’s £238m LaSalle Residential Finance I fund, following a £100m loan to Urbanest for Westminster Place in June. The fund was launched in May, offering loans of between £15m and £60m, typically up to a 75% loan-to-cost level.
LIM has also taken part in a £250m multi-portfolio refinancing for Access Self Storage. In July, it provided a £17m mezzanine loan secured against a portfolio of 23 stores worth around £153m. The loan-to-value ratio is 73% and the internal rate of return 12%, Costar said. GE Capital provided £95m of senior debt, HSBC provided £55m, Wells Fargo lent £45m and RBS took around £40m.