The three-year facility includes an investment term which will help to reduce refinance costs.
Elmstead Place will serve the students of the University of Essex and be located adjacent to the main campus.
The scheme will comprise 15 townhouses consisting of 123 beds, and an additional studio block with 12 beds.
It is scheduled to open for the start of the 2020/21 academic year and will also deliver a common room, reception area, laundry and a bike store.
Ian Burdett at Investec Structured Property Finance said: “This high-quality PBSA development should be well sought after by the underserved second- and third-year student population and will provide a great alternative to the traditional HMO offering.
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“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.
“We are pleased to be working with Osborne for the first time, a well-established and respected property developer.
“Osborne, crucially, uses its own in-house, self-build specialist and brings an impressive track record, delivering every student accommodation project on time for new-term entrants to move into their new homes.”
David Sarson, managing director of property development and investment at Osborne, added: “Investec has a deep understanding of the student accommodation sector and has built a reputation as a market-leading provider of development finance for schemes across the UK, which is why they were the obvious choice to work with on this project.”
The facility was arranged by Brotherton Real Estate, and Tanya Wolfe, director at Brotherton, claimed that it was delighted to assist both parties on the deal.