Funding secured for student accommodation scheme

A Surrey-based construction business has secured an £8m loan to fund a major student accommodation scheme.Established more than 50 years ago, Osborne employs in excess of 1,000 people.Investec Structured Property Finance has agreed to provide Osborne with a three-year loan to fund the development of a 135-bed project in Colchester, Essex. The loan also includes an investment term providing certainty for the borrower and helps reduce refinance costs.The direct let scheme, to be known as Elmstead Place, will serve the 15,000 student University of Essex and is adjacent to the main campus.Scheduled to open for the start of the 2020/21 academic year, it will cater primarily to second and third year students. It benefits from a common room, reception area, laundry and a bike store. Brotherton Real Estate arranged the development facility.