A £105 million loan to fund the development of a student accommodation project by Scape Living in Hammersmith, West London, from NatWest and Virgin Money, has been secured

Dominus Group have also backed the project by way of a forward funding agreement to Scape Living.

During the three year deal, Virgin Money and NatWest will each provide £52.5 million for the 713-bed accommodation near Hammersmith Broadway tube station.

Scape Living hopes to let 357 of the 713 rooms at an affordable rate to help with rising London rent prices. This scheme is under a nominations agreement with a London University, capped by the Mayor of London.

The developer is hoping for completion in June 2024, with the residency offering a cinema, communal kitchens, a gym, bike storage, a roof terrace, workspaces and meeting rooms.

Scape Living investment director Harry Daws said: “Scape Hammersmith continues Scape’s journey to provide best-in-class student accommodation and will help to address the significant shortage of high-quality PBSA developments in London.

”We are thrilled to have partnered with NatWest to deliver this scheme as we continue to build out our significant pipeline of developments across the UK.”

Georgia Dunne, director of structured real estate finance at NatWest, said: “This transaction is another example of how NatWest provides optimal funding solutions alongside our lending partners, delivers execution excellence, and further solidifies our role as a cornerstone real estate debt coordinator.”