OakNorth completes loan for University of Hull student living development

SME bank OakNorth has completed a loan for a new student development at the University of Hull.

Private-owned student accommodation specialist Kexhill has secured the funding from London-based OakNorth to convert four semi-detached houses into 12 studio flats adjoining the university’s campus.

The project is part of a larger partnership between the business bank and student living provider to create ‘The University Quarter’.

Richard Stott, group managing director of Kexgill, said: “OakNorth has been hugely supportive in our growth journey so far and never disappoint when it comes to putting together a bespoke finance package for us in the timeframe that we need it.

“The University Quarter forms an essential part of the huge development taking part on and around the campus. Other than units held back the entire Quarter as owned by the Group is fully forward let.”

Hemesh Patel, property finance director at OakNorth commented: “Since its launch over 40 years ago, Kexgill has grown to become one of the largest student accommodation providers in the UK, boasting over 3000 student beds across its portfolio.

“With the majority of its units being forward let, it’s great to see Kexgill’s recipe for success continue in a city that holds sentimental value to them, with their first ever site opening in Hull.

“We look forward to working with them on future projects and seeing the development once completed.”