The Collective, the leading global co-living company based in New York, London and Berlin, today announced it has secured $75 million in construction financing for its latest co-living development, 292 North 8th Street in central Williamsburg, Brooklyn. Terms of the financing, provided by ACRES Capital, were not disclosed.
North 8th is an 11-story student housing and short/medium stay co-living development in Williamsburg. Once completed in 2022, North 8th will offer:
In The Collective’s signature style, the general public will also be welcome to take advantage of both the space and its programs.
North 8th, which is in partnership with local universities, will accommodate 97 rooms for students with the remaining 127 studios geared for nightly and monthly stays.
The Collective’s growing, global network of co-living spaces offers thoughtfully designed efficiencies in the private living space to create a surplus of square footage for unique shared amenities and experiences. To date, the company has raised over $1 billion to fund its growth, bringing to life its vision of making co-living an option for people all over the world.
North 8th will open alongside The Collective’s two previously announced Brooklyn projects, 555 Broadway and 1215 Fulton Street, in 2022. Also in development by The Collective are 2825 NW Second Avenue in Miami, Florida’s Wynwood District and 633 LaSalle in Chicago, Illinois. This year, the company announced an ambitious plan to launch 100,000 units by 2025, which will service increasingly nomadic global populations with quality, attainably priced and flexible living solutions across the United States, United Kingdom, and Germany, among other locations.
Exantas Capital Corp.is externally managed by ACRES Capital, LLC. The Company’s primary investment strategies include transitional commercial real estate loans and longer duration commercial real estate credit investments, such as commercial mortgage-backed securities. To see more on EXANTAS, click below.