New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
$75M Loan for The Collective’s Williamsburg Build
Co-living company The Collective secured $75 million in construction financing for its latest co-living development, 292 N. 8th St. in central Williamsburg, Brooklyn. Terms of the financing, provided by ACRES Capital Corp., weren’t disclosed.
North 8th is an 11-story student housing and short/medium-stay co-living development slated for completion in 2022, joining two other projects in Brooklyn.
“North 8th is the first of its kind,” said The Collective’s Simon Koster. “We will deliver the best amenities and community-driven programming to students and members alike.”
At ACRES, CEO Mark Fogel said, “For our firm, this is an opportunity to invest with an inspirational client on what will be a transformative project. We believe that co-living is a future-forward alternative to housing, and given these factors, it was a very attractive proposition for us as lenders.”
Connect New York 2020 is set to take place on Wednesday, April 29 at Upper Story by Charlie Palmer. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development