This is the fourth transaction between the real estate lender and the PBSA-focused JV, but is the first for this new JV with equity from Patron Capital’s Fund VII.

The 418-bed site is the home of Ustinov College and comprises two properties: Sheraton House and Neville House.

Across the two buildings, along with several college offices, Sheraton Park offers a café, gym, common room, and a seminar room.

The asset, which is going to receive energy efficient upgrades, provides a range of accommodation options.

Chris Stallard, relationship director at Leumi UK, commented: “We pride ourselves on building strong, trusted relationships with our clients, and this transaction is a prime example of that.

•   The Finance Professional Show 2024: The Video
•   Leumi UK appoints Neil Kermode as business development director
•   Leumi leads £42.9m loan-on-loan refinancing for commercial property portfolio

“This is our fourth deal with Curation Capital and Patron Capital, and highlights our continued conviction in the PBSA sector, based on the highly supportive demand drivers.

“Sheraton Park is a high-quality asset at a growing university presenting clear accommodation needs, which underlines our confidence in its bright future.”

Irina Stamate-Rocha, senior partner at Patron Capital, said: “Leumi UK’s deep expertise in the sector and ability to work quickly and efficiently to deliver a bespoke financing solution were critical to getting this deal over the line.

“We are pleased to be able to kick start another JV with Curation with the acquisition of this property with a long-term lease to the University of Durham and look forward to implementing our refurbishment plan to drive value.”