Real estate finance provider Maslow Capital has completed a £114m development facility to support the delivery of Union Property Development, a purpose-built student accommodation (PBSA) scheme in Paddington, London.

The refurbished development will not only offer student living spaces but also a range of social and wellbeing amenities, including games spaces, a laptop bar, a gym, a residents lounge as well as group and individual study areas.

The building’s design will undergo a complete modernisation, introducing cutting-edge VRF heating and cooling, smart controls and building management systems and new insulation to improve the building’s energy efficiency. 

Anthony Raud, deal origination at Maslow Capital said: “We are proud to be supporting a highly regarded, family-owned business in Union Property Development. Located in a prime area of Central London and underpinned by contemporary living spaces, we believe this will be an exceptional scheme and highly desirable to students.” 

The Paddington development will comprise a total of 356 beds, and thanks to its location will place students within half an hour’s travel time of 10 universities.

The original project is expected to address a shortfall in London’s outdated PBSA supply and provide relief for students looking for high quality accommodation in the city. Maslow’s latest financial support for the Paddington development is in line with the firm’s commitment to support UK developers: the company has already provided £373m in financing packages. 

Raj Sehgal, director at Union Property Services, said: “The Union Property team are excited to be working with Maslow on this high-profile development and are looking forward to building our relationship across the broader Union Property portfolio. We’d especially like to thank the Maslow team for their professionalism in getting our first transaction with them completed in such a timely fashion.”