The funding has been provided to Cammaro Limited for construction of the 138-unit facility.

Located in the Orchard Park area of the city, the development will comprise two blocks of apartments. The first will consist of studio apartments with the second providing “cluster living” with en-suite bedrooms and shared communal spaces.

This is the first PBSA being undertaken by Cammaro, the operational arm of a private investment fund, and will be managed by Vertex Living.

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The deal was led by Simon Dekker, senior relationship manager at Paragon Bank, with support from portfolio manager Izzy Sargeant.

“It’s been great to work with the Cammaro team to bring much-needed new student accommodation to the city of Cambridge,” said Simon.

“As there continues to be a shortfall of student beds across the country, we’re seeing more demand for high-quality student homes close to popular university towns and cities, so we’re delighted that we’re able to support developers to provide this housing at Paragon.”