Jerroms Mortgage & Finance played a pivotal role in facilitating a £15m loan for the renovation of The Pinnacles purpose-built student accommodation (PBSA) in Sheffield’s canal basin, in partnership with Sama Investments. This strategic injection of funds will enable Sama Investments to acquire and upgrade The Pinnacles, conveniently located near Sheffield Hallam University and offering excellent public transport links to the city.
The refurbished development will include a wide range of modern and luxurious living options, such as two-, three-, four-, and five-bedroom ensuite flats, providing an attractive housing solution for students in the area.
Mark Flower, a representative from Jerroms Mortgage & Finance, expressed his satisfaction with working alongside Sama Investments and lauded Hampshire Trust Bank for their support in backing high-quality PBSA developments. Flower stated, “We are thrilled to have advised and supported Sama Investments throughout the fund-raising process. It was a pleasure to collaborate with the team at Hampshire Trust Bank, renowned for successfully backing high-quality PBSA developments. This project showcases our ongoing dedication to supporting PBSA initiatives across the UK. We wish Sama Investments the very best for the future and eagerly anticipate the project’s progress.”
Mark Flower and Paul O’Reilly from Jerroms Mortgage & Finance worked in conjunction with Hampshire Trust Bank to secure the loan for The Pinnacles. This financial assistance will allow Sama Investments to carry out necessary enhancements to the 600-bedroom building, including modernizing internal areas and addressing cladding work to improve the building’s overall environmental, social, and governance (ESG) efficiency.
Bilal Ahmed, the CEO of Sama Investments, acknowledged the unwavering support of Mark Flower and Paul O’Reilly from Jerroms Mortgage & Finance and expressed his gratitude for their professionalism and knowledge, which were crucial in securing the required financing for the project. Ahmed added, “We look forward to making this student block refurbishment a reality.”
Sama Investments recently unveiled plans for the Perryian Works flagship PBSA scheme at 1 Lancaster Circus in Birmingham. The proposed development aims to transform the brownfield site, which previously housed Birmingham City Council’s office building. The PBSA scheme is set to be delivered across two landmark towers, with one tower rising to 50 storeys, serving as a focal point for the area.
The completion of the loan for The Pinnacles PBSA refurbishment represents a significant milestone in the efforts to enhance student accommodation in Sheffield and Birmingham. The collaboration between Jerroms Mortgage & Finance, Sama Investments, and Hampshire Trust Bank underscores the commitment to supporting high-quality PBSA developments and providing comfortable and modern living spaces for students across the UK.