The Client:
Paul Hepburn, Director of Hillstone Developments in Edinburgh, had plans to build 146 student apartments on a site previously used for industry. Planning permission for this student development was in place, but when Paul began looking for finance among the mainstream banks in Scotland it proved difficult to find. Goodman Corporate Finance offered a solution.
“We had a former industrial site in an area that was becoming increasingly residential,” explained Paul. “Our plan was to increase the value of the site and turn it into something more appropriate for the area. Goodman looked at the project and came up with three potential funders.”
The Deal:
After speaking to Paul, Goodman Corporate Finance, arranged a bespoke funding package with Secure Trust Bank. The multi-million-pound development project to provide new student accommodation was the first such funding deal in Scotland for both Goodman and Secure Trust.
With access to more than 285 funders and flexible funding options to find the right match for each client, Goodman Corporate Finance has the knowledge and expertise to provide the perfect solution for each client.
Quotes:
This funding deal was our first venture in Scotland and builds on our growing capability in the purpose-built student accommodation sector, where we have a real appetite for good schemes. We worked closely with Goodman Corporate Finance in structuring the funding and are looking to do many more schemes in Scotland.
David Cunningham, Head of Real Estate Finance, North at Secure Trust Bank
“The funding application, negotiation and arrangement process was handled by Goodman Corporate Finance,” said Paul. “They were involved in the process right the way through from start to finish to make sure everything went through smoothly. They were available out of hours and was very flexible, very committed and really very knowledgeable. Goodman certainly went beyond just introducing us and worked closely with us on both sides to make sure we got the best deal and were happy with the security and all of the details.”
Building work is set to start in late spring 2016, with the project due to complete in summer 2017.