Developer Six Degrees, part of 9 Property Group, has landed an £8m funding package from Paragon Bank to support the refinance and development of a 100-bed purpose-built student accommodation (PBSA) scheme in Loughborough.

The scheme is on track to welcome its first intake of students in September 2026.

The accommodation will comprise of 100 en-suite bedrooms arranged across 22 cluster flats. The completed scheme is expected to deliver a Gross Development Value (GDV) of £12.2m.

The deal marks Six Degrees’ first transaction with Paragon Bank, led by relationship director Karl Kent, with support from portfolio manager Shannon Altimas.

Taj Ubhi, founder and CEO of 9 Property Group which owns Six Degrees, said: “We’re excited to be bringing forward another PBSA development in a location we know well. Paragon’s understanding of the sector and agile approach to funding has made them an ideal partner, and we’re looking forward to delivering this scheme ahead of the 2025 academic year.”

Kent said: “We’re proud to support Six Degrees with this high-quality PBSA scheme in a town where demand for student accommodation continues to grow. Taj and the team have a strong track record in delivering similar projects and we’re confident this development will be a welcome addition to Loughborough’s student housing offering. It’s been a pleasure to work with Six Degrees on their first deal with Paragon and we look forward to supporting them on future projects.”

Full report: https://www.thebusinessdesk.com/eastmidlands/news/2099471-developer-secures-8m-deal-to-help-build-100-bed-student-scheme