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Chicago & Midwest  + Midwest  + Student Housing  |  February 5, 2025
Jasmine Kilman
By: Jasmine Kilman

QuadReal Provides Construction Loan for University of Michigan Student Housing

QuadReal Property Group has provided a construction loan to Core Spaces to finance the development of a student housing development at the University of Michigan in Ann Arbor.

Hub Packard will provide 15 stories of purpose-built student accommodation totaling over 1,000 beds. QuadReal has previously financed three of Core Spaces’ other student housing developments.

Located at 740 Packard Street, the development is adjacent to the campus, providing easy access to Michigan Union, Michigan Stadium, and the Diag. Construction on Hub Packard is slated to begin in January 2025, with the property set to be completed in June 2027 in time for the 2027-2028 academic year.

“In partnership with Core Spaces, and working closely with TSB Capital Advisors, we are pleased to help deliver student housing at the University of Michigan, which continues to see strong demand for high-quality student accommodations,” said Prashant Raj, Managing Director for U.S. Debt Investments at QuadReal.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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