The 55% LTV facility — which also comprised an equity release in addition to the site acquisition cost — has enabled the developers to purchase the former Radford Boulevard School on Ilkeston Road, Nottingham.

The clients intend to convert the vacant 19th century school into a 155-bedroom PBSA scheme, for which Bmor already received planning permission.

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Philip Kay, senior asset finance adviser at Arc & Co, said: “It was excellent to work with both Bmor and Atelier on completing this loan, which will be the first stage in achieving Bmor’s business plan for this excellent asset. 

“As a business, we’ve known and followed Bmor for several years and are delighted to complete this transaction with them; we hope it will be the first of many.”

Paul Irwin, director at Bmor, commented: “It was a pleasure working with Arc & Co and Atelier on this complex transaction.  

“They understood the fundamentals of the student market well and enabled a smooth and swift transaction. 

“We would be delighted to work with Arc & Co and Atelier on our future projects, and we look forward to bringing this £20m GDV scheme to the market in due course.”

Bmor is currently involved in several development and regeneration schemes across Nottingham, including a vacant retail unit and 100 beds in Goosegate, as well as the Heathcote Building in Hockley, a 32,000 sq. ft. office refurbishment with ground floor retail. 

It also recently executed a partnership agreement with Unite Students to redevelop a £34m, 270-bed student-led residential scheme in the city centre.