Sama Investments is to acquire and improve The Pinnacles student accommodation in Sheffield’s canal basin, after securing a £15 million refurbishment loan with lead advisory support from Jerroms Mortgage & Finance.
With Sheffield Hallam University close by, and public transport links offering connections to the rest of the city, The Pinnacles offers a variety of 2, 3, 4, and 5 bedroom ensuite flats.
Mark Flower and Paul O’Reilly, both from Jerroms Mortgage and Finance, worked closely with Hampshire Trust Bank to secure the loan which will enable Sama Investments to carry out work to upgrade the 600-bedroom building, modernising internal areas and remediating cladding work in order to improve the overall environment, social and governance (ESG) efficiency of the building.
Mark Flower, Jerroms Mortgage & Finance, said: “We are delighted to have advised and supported Sama Investments throughout the fund-raising process. It was a pleasure to work with the team at Hampshire Trust Bank, who have a reputation for successfully backing high-quality PBSA developments.
“This project demonstrates our ongoing dedication to supporting PBSA initiatives throughout the UK. We wish Sama Investments the very best for the future and look forward to watching the project progress.”
Bilal Ahmed, CEO, Sama Investments, said: “I should like to thank Mark Flower and Paul O’Reilly from Jerroms Mortgage and Finance for their resolute support throughout the fund-raising process. It was a pleasure to work with them and their unwavering dedication, professionalism and knowledge was fundamental in us securing the required financing. We look forward to making this student block refurbishment a reality.”
