The debt facility will fund the immediate construction of Luxurio in Loughborough and The Vantage in Nottingham.
These will be the fourth and fifth PBSA projects undertaken by Future Generation — a joint venture between property developer Southern Grove and Bahrain-based Tadhamon Capital.
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Luxurio will contain 458 bedrooms and has a GDV of £45.3m.
Rio Architects was appointed to design the mixed-use scheme, which will include landscaped grounds, communal courtyards, roof terraces and green living walls on the outside of the building.
The Vantage scheme will provide 485 bedrooms and has a GDV of £48.3m.
Designed by Axis Architecture and arranged over 12 storeys, it is claimed that it will be one of the city’s tallest buildings.
Andrew Southern, chairman at Southern Grove and Future Generation, said: “Both these schemes will be hugely disruptive in their local markets as students come to realise that premium accommodation can be good value, and that’s a message we will deliver nationwide.”