Atelier has confirmed it is providing a £30.8m ($39.25m) development finance loan for a new purpose-built student accommodation (PBSA) scheme in Leeds, UK.
With a gross development value of £43.5m, this scheme is being developed by a joint venture between Torsion Group and Zenzic Capital.
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It will feature a 205-studio block designed to cater to the student population around Kirkstall Road.
The development, which has also secured planning permission, is scheduled for completion in time for the October 2026 academic year.
Zenzic Capital, a real estate credit and special situations manager, has contributed preferred equity to the project.
Torsion Construction meanwhile, is serving as the main contractor, with Torsion Developments overseeing the project as development manager.
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By GlobalDataThe scheme aims to offer a range of amenities, including communal spaces, roof gardens, a gym, a social lounge, cycle storage, and study areas.
Torsion Group CEO Dan Spencer said: “I am proud of the way in which our team at Torsion Developments and Torsion Construction worked together to design the project to budget and deliver a scheme that remains high quality and fundable even in the current challenging markets.
“I firmly believe that the professionalism of our team and our solutions-based approach to Develop, Construct, Operate provided Zenzic and Atelier with the certainty of a successful outcome.”
The Kirkstall Road student accommodation is targeting Building Research Establishment Environmental Assessment Method Excellent and three-star Fitwel Certification.
Upon completion, the property will be managed by LUNA Students, which is part of Torsion Group.
In July this year, Torsion Group announced a joint venture with Housing Growth Partnership for a residential development in Sheffield, England.
The £53m ($69.21m) build-to-rent scheme at Hollis Croft will include 234 beds in a mix of one- and two-bedroom apartments, as well as studios.
