Kexgill will use the finance for the acquisition and refurbishment of 92 homes which will provide accommodation for 436 students.
The company already houses 3,250 students in nine university locations across the UK.
The developer is familiar with the Hull area as it owns and operates 500 student bedrooms at the university.
Kexgill expects the 92 houses – most of which will be refurbished to five-bedroom en suites – to reach full capacity quickly.
“We are very proud of our partnership with the University of Hull,” said Richard Stott, managing director at Kexgill.
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“The additional 92 houses with the existing 100 houses purchased in the last two years produces an iconic location, which has been branded the University Quarter (UQ).
“Coupled with our other existing stock in this area, the UQ will house almost 1,100 students all adjoining the campus in a unique partnership with the University of Hull.”
Hemesh Patel, property finance director at OakNorth, said the team at Kexgill had extensive experience of developing and letting student accommodation across the UK.
“Over the last four decades, [it has] continued to strengthen [its] relationships and expertise in the area and [has] clearly found a recipe for success given that [its] rooms are already pre-let.
“We look forward to working with them on future projects and seeing the development once completed.”