BERKELEY, CA - CapitalSource, a division of Pacific Western Bank, and a national middle market lender, announced today it provided a construction loan in the amount of $28 million to finance the development of a new student housing property located in Berkeley, California.
Upon completion, The Nexus will be a Class A, six-story student housing complex with a total of 70 units and 238 beds. Six of the units and 20 beds will be designated as affordable units. The property will have a resident lounge, 4,755 square feet of ground floor retail space, nine parking spaces and 144 bike parking spaces. Each unit will be furnished and include nine-foot ceilings, operable windows, engineered soundproofing, bay windows and individually controlled heat and ventilation.
The borrower is Corigin Real Estate Group, an industry leading real estate developer, owner and operator, and Panoramic Interests, a leading student housing property designer.
“We were excited to partner with Corigin Real Estate and Panoramic Interests on this financing,” commented Kevin Randolph, Director of Construction Real Estate at CapitalSource. “Corigin is a well-respected commercial real estate firm out of New York with a depth of experience across many asset types, and Panoramic Interests is a prolific developer of student housing in the San Francisco Bay area. This construction financing gave us the opportunity to work with two of the very best owners and developers in the space.”
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 provide additional open space for residents. The rooftop will include a variety of seating, shading, planting and other amenities, including views of the San Francisco Bay and East Bay Hills.
The Nexus commands a 95 Walk Score, is located in immediate proximity to the main campus (six minute walk), and is surrounded by U.C. Berkeley-affiliated buildings, campus dining options and residence halls. The property is located on historic Telegraph Avenue which is home to many popular restaurants and stores, and is frequented by university students, local residents and visitors, and it serves as the central artery of Berkeley University student life.
About CapitalSource
CapitalSource makes commercial loans to small and middle-market businesses nationwide. CapitalSource is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $25 billion in assets and 83 full-service branches. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.capitalsource.com.