Student Housing Project In Berkeley Receives $28M Construction Loan
CapitalSource, a division of Pacific Western Bank, has provided a $28M construction loan for a student housing property in Berkeley. The Nexus, a six-story, Class-A housing complex, will be developed by Corigin Real Estate Group and Panoramic Interests. This project joins hundreds of units being built throughout the Bay Area to address the high demand for student housing.
The 70-unit, 238-bed building, designed by Lowney Architecture, will include a resident lounge, about 5K SF of ground-floor retail space, nine parking spaces and 144 bike spaces. The property is at 2349 Telegraph Ave.
Each prefab modular unit will be furnished and have nine-foot ceilings, operable windows, soundproofing, bay windows and individually controlled heat and ventilation. Twenty of the beds will be designated as affordable.
The residential levels will be arranged around a central courtyard, which will provide natural light and ventilation for the interior-facing bedrooms along with a central landscaped open space on the podium level. A landscaped roof deck, accessed by elevator and two stairways will include a variety of seating, shading, planting and views of the San Francisco Bay and East Bay Hills.
The Nexus has a 95 Walk Score, as it is a six minute walk to the main UC Berkeley campus and is surrounded by UC Berkeley-affiliated buildings, campus dining options and residence halls.