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New York & Tri-State  + Outer  + Student Housing  | 

$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.”

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For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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  • ◦Development