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Cohabitation company, The Collective, has secured $ 75 million in funding to build its latest development at 292 North 8th Street in Williamsburg.
Terms of the financing, provided by ACRES Capital Corp., were not disclosed.
North 8th is an 11 story student accommodation and short / medium stay cohabitation development scheduled for completion in 2022.
It will have shared amenities and programming for “a unique intergenerational community of members”.
Members will have access to a student lounge and classrooms, a rooftop fitness and wellness level with sun terrace and sauna, as well as a program of seminars, conferences and groups reflection.
The project will also include a restaurant open to the public with a street-level take-out concept and a courtyard bar.
Additional facilities for residents include a dedicated kitchen as well as a dining room and laundry facilities for students. In the collective’s signature style, the general public will also be invited to enjoy both the space and its programs.
“North 8th is the first of its kind. We will provide the best community-based amenities and programs for students and members. We look forward to getting started and welcoming our new neighbors, ”said Simon Koster, US Development Manager for The Collective. “ACRES Capital is a key partner in our growth in the United States.
“For our company, this is an opportunity to invest with an inspiring client on what will be a transformative project,” said Mark Fogel, President and CEO of ACRES Capital Corp.
“We believe co-living is a future-proof alternative to housing, and given these factors, it was a very attractive proposition for us as lenders.”
North 8th, which is partly in partnership with local universities, will accommodate 194 student beds and will also contain a co-living part of the premises with 127 beds suitable for nightly and monthly stays.
To date, The Collective has raised over $ 1 billion to fund its growth. In November last year, it opened The Collective Paper Factory, its first U.S. location in Long Island City, Queens, marking the global debut of the company’s short-stay model.
North 8th will open alongside the two Brooklyn projects previously announced by The Collective, 555 Broadway and 1215 Fulton Street, in 2022. 2825 NW Second Avenue in Miami, Wynwood District in Florida and 633 S. LaSalle Street in Chicago, Illinois are also under development by The Collective. .
Last month, The Collective also secured $ 179 million in group funding from Deutsche Bank and the London-based GCP Asset Backed Income Fund to fund its continued global expansion.
The Collective will use the new financing package to acquire additional development sites, with a particular focus on the United Kingdom, Germany, Ireland and the United States, as it continues to expand globally .
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