Kinetic Capital closes £34m loan to Cassidy Group
We are delighted to announce the completion of a £34m whole loan facility to Cassidy Group.
The loan facility will provide financing for a 436-bed purpose-built student accommodation (PBSA) development in Earlsdon, Coventry. The scheme, on the site of the former Spencer Sports Club, is due to be completed for the start of the 2022/23 academic year.
Earlsdon is a suburb of Coventry, popular with students from both University of Warwick and Coventry University. Traditionally there has been very limited PBSA supply in the locality, with students predominantly residing in private housing stock.
As with all of Kinetic’s loan facilities, the loan is ESG-linked with financial incentives for the borrower to deliver initiatives promoting the positive mental health and wellbeing of student residents.
Cassidy Group are experienced developers with over thirty years’ experience across the PBSA and residential sectors. They have previously successfully delivered numerous PBSA schemes and have a strong development pipeline across a number of major student markets in England.
“We are delighted to establish a new relationship and complete our first loan with Cassidy Group. This transaction marks the second since the start of December 2020, underlining our growth ambitions and demonstrating our ability to finance high quality developments with leading sponsors.”
– Steve Grant, Chief Executive Officer, Kinetic Capital
“We are very pleased to be working with Kinetic Capital on this project and we hope to work together closely on future PBSA projects.”
– James Cassidy, Director, Cassidy Group
About Cassidy Group
Cassidy Group are a UK property development business, specialising in the development of high-density Purpose-Built Student Accommodation (PBSA) schemes and Private Rented Sector (PRS) apartment schemes.
Ready to get started?
Get in touch