£18m PBSA refinancing secured for Edinburgh's Pepper Mill development
Original Article Summary
<p>Danehurst has refinanced The Pepper Mill, a 155-studio PBSA development in Edinburgh, with an £18m facility from Secure Trust Bank Real Estate Finance at 63% LTV.</p>
Investor Analysis
Danehurst has refinanced a 155-studio PBSA scheme in Edinburgh at 63% LTV via Secure Trust Bank, against a backdrop of an 18,000-bed supply shortfall and new planning rules (City Plan 2030) that will make future studio-led PBSA schemes significantly harder to deliver in the city.
Investor Relevance
For PBSA developers and PRS investors, this article signals a tightening Edinburgh market where planning constraints are locking in undersupply — strengthening the investment case for existing PBSA assets while warning that new entrants face a harder regulatory path. The refinancing terms and lender appetite also confirm that specialist PBSA finance remains available at meaningful LTV.
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