The scheme is set to offer accommodation and facilities for just under 400 students.
The deal was introduced by Property Finance Services and was agreed on a 22-month term.
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This follows the real estate funding partnership between the two businesses, announced in December 2020.
Parik Chandra, partner and head of property finance at Downing LLP (pictured above), said: "The market for student accommodation is experiencing some challenges due to Covid, and Brexit may also impact EU students studying in the UK.
“Nevertheless, the underlying dynamics of the UK student market remain strong .
"The undersupply of PBSA in cities across the UK is an ongoing issue which we aim to play our part in tackling by providing debt funding for projects of this kind.
“This deal is an excellent example, as it involves an experienced developer committed to ensuring a high quality build.”
Howard Garland, partner at Pollen Street Capital, commented: "We would like to thank Parik and the team for all of their hard work in originating and closing this deal.
“We are pleased to have supported another development through our co-funding partnership with Downing and look forward to continuing to build this relationship.
“It is excellent to start to see the positive impact of our partnership in improving access to finance for SME developers around the UK.”