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Berkeley Student Housing Development Secures $10.5M Funding
Commercial real estate lender ACRES Capital Corp. has originated a $10.5 million loan to fund the acquisition and pre-development of a proposed student housing project in Berkeley, CA. The loan is provided to locally-based development firm Valiance Capital which focuses on multifamily and student housing.
“Located just one block from UC Berkeley, 2538 Durant Ave is providing an essential student housing option to the area,” said ACRES CEO Mark Fogel. “We are confident that Valiance Capital’s home court advantage and their expertise in developing student housing will ensure the project’s success.”
The proposed development will replace an existing 12-unit apartment building with an eight-story student housing complex consisting of 270 beds across 83 units. The property will also feature 5,000 square feet of ground-level commercial space.
“We are excited to work with ACRES on this housing project and proud to offer students of UC Berkeley a new, high-quality housing option,” said Valiance Capital’s Founder Nhan Nguyen Le.
- ◦Development
- ◦Financing
