Delivering £40.1m of lifecycle funding for a PBSA scheme in South London

At Karis Capital, we’re proud to have structured and delivered a £40.1 million restructuring facility to support the transformation of a residential block in South London into a premium purpose-built student accommodation (PBSA) scheme.

This transaction reflects a long-standing relationship with a major PBSA developer client and supports an ambitious delivery pipeline of 3,000 student homes over the next five years. It also demonstrates our approach to what we describe as lifecycle lending, working alongside clients from early-stage refinancing through to long-term, stabilised debt.

Our involvement in the project began in 2022, when our CEO and Co-Founder, Nicholas Christofi, supported the developer in securing suitable finance to refinance a permitted development residential block. As the scheme progressed, we delivered further funding at the beginning of 2025 to enable the conversion of the asset into 219 premium student apartments.

By the end of 2025, we were once again entrusted to restructure the debt on the site, increasing the total facility to £40.1 million. The additional funding not only supports the completed PBSA development but also provides the platform for the developer’s wider growth strategy across the UK student accommodation sector.

Commenting on the transaction, Nicholas Christofi said:
“Working alongside InterBay Commercial and our long-term PBSA developer client on this project has been a real privilege. This scheme responds directly to the growing demand for high-quality student accommodation in London, and it’s a strong example of how lifecycle funding can unlock value at every stage of a development.”

“Seeing the project progress from early refinancing through to a fully realised PBSA scheme has been incredibly rewarding. The scale of this facility also makes it one of the largest transactions we’ve delivered in 2025, and we’re excited to build on this momentum as we move into 2026.”

The funding was delivered in partnership with InterBay Commercial, whose tailored loan structure supported the scheme through refinancing, conversion and into long-term debt.

Marc Callaghan, Head of Commercial Lending at InterBay, added:
“We’re delighted to have supported this significant PBSA development with a bespoke funding solution that enabled the project to progress seamlessly. Working with Karis Capital has been an exceptional experience, and their collaborative approach ensured the funding aligned with the client’s ambitious growth plans.”

This transaction reinforces our ability to structure complex, evolving funding solutions for prominent developers and investors — and underlines our continued commitment to supporting the delivery of high-quality student accommodation across the UK.

How we can help

At Karis Capital, we specialise in structuring tailored debt solutions that evolve alongside our clients’ projects. From early-stage refinancing through to long-term stabilised funding, we support developers and investors across every phase of the project lifecycle.

Our approach is built on strong lender relationships and a clear understanding of how capital structures need to adapt as schemes progress. We work closely with clients to navigate changing market conditions and unlock value at each stage of a project.