Atelier backs Cambridge student housing scheme

A Cambridge student accommodation scheme is set to be refurbished and repositioned after securing a £16 million loan.

Development finance lender Atelier has provided the funding to Bath-based property developer Rengen Developments to support the transformation of a 150-bed purpose-built student accommodation (PBSA) scheme in the city.

The 20-month loan will fund upgrades to the first-generation PBSA asset, creating a modern student living environment with 150 en-suite bedrooms.

Plans include dedicated study spaces, a residents’ lounge and a cinema room.

Located close to both the University of Cambridge and Anglia Ruskin University, the accommodation is well positioned to meet growing demand for student housing in the city.

Work will be carried out in phases, with the first 50 beds expected to be ready for the 2026/27 academic year.

A further 100 beds are scheduled for completion in January 2027.

Avi Miller, credit director at Atelier, said: “This transaction marks our ninth loan with Rengen, reflecting the strength of the relationship we have built over a number of years and our commitment to supporting experienced developers as a long-term lending partner. 

“Their specialist expertise in repositioning first-generation PBSA assets, combined with a proven track record of successful delivery, gave us great confidence in this opportunity. 

“With strong fundamentals underpinning the Cambridge student accommodation market and a clear strategy for delivery, we look forward to supporting the borrower as they bring this development forward.”

Iestyn Lewis, founder and chief executive at Rengen Developments, added: “"The Atelier team delivered once again, working to tight timescales while structuring a facility that provided the right level of Day One advance.  

“Their expert understanding of the requirements associated with financing a first-generation student refurbishment project was evident throughout the process, enabling them to provide a pragmatic solution and complete the transaction efficiently.”

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