The loan allowed the borrower to repay existing indebtedness on the recently acquired asset.
HREF moved from initial engagement to funds being transferred in just over 14 days.
The 488-unit PBSA, which is located close to two Liverpool universities, was newly built in 2021.
HREF director Steve Allen commented: “We are seeing more enquiries from borrowers in the student accommodation market, and we are very pleased that we were able to deliver funds so quickly on this loan in the highly dynamic Merseyside market.
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“This is the second student accommodation completion for HREF over the plast 12 months, and we see this as a sector where we can add real value.
“The sponsor in this case has a strong track record and the asset is well positioned to take advantage of several strong local universities.”
Max Lewis, CIO at HREF, said: “This was a large and complicated transaction that HREF was able to complete in just two weeks, precisely because we are deploying our own capital, and are therefore able to lend with greater certainty and faster.
“This showcases HREF’s market leading speed of completion and deal execution capabilities.”
Valuations for the transaction were undertaken by JLL, and legal due diligence was provided by Clarion.
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