Investec Structured Property Finance has provided developer Osborne with an £8m loan for a 135-bed student accommodation scheme in Colchester, Essex.
The development, called Elmstead Place, will serve the University of Essex and is scheduled to open for the start of the 2020/21 academic year.
The three-year loan will support the creation of 123 beds in 15 townhouses, and a studio block containing 12 beds.
So far, Investec has provided approximately £142m of funding for student accommodation across eight schemes in 2019.
Ian Burdett, head of structured property finance at Investec, said: “The defensive characteristics of the PBSA sector, coupled with our successful track record and global relationships, has allowed us to continue to grow our loan book exposure to the asset class, having provided nearly £700m of funding since 2015.”
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