Structured at 70% LTV over a 19-month term, the loan will enable the transformation of a Category-A listed former hotel into student accommodation.

When completed, the project will help to address the considerable shortfall of high-quality student accommodation within the city of Aberdeen, which holds two major universities.

Luke Eadie, lending manager at Atelier, said: “This is our first transaction with the borrower, who has a strong track record of delivering high-quality student accommodation in Aberdeen. That experience, together with the quality of the underlying asset and a clear conversion strategy, gave us confidence in the scheme and we’re pleased to be supporting its delivery.”