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GCP Student Living secures £55M borrowing facility

GCP Student Living PLC secured a borrowing facility of up to £55 million it will use to partially finance the construction of the forward-funded Scape Brighton, a purpose-built private student development on the primary campus of the University of Brighton.

The property is expected to be open for the 2020-2021 academic year.

The borrowing facility has a margin during the construction phase of the property of 3.1% per annum above London interbank offered rate, declining to 2.0% once the property is open and stabilized, and is repayable Dec. 21, 2021, with a one-year extension option.

Wells Fargo Bank NA is the lender.