CapitalSource Provides Construction Loan for CA Asset
The Nexus will offer 70 units and 238 beds, including a few affordable apartments. The community is in close proximity to University of California, Berkeley's main campus.
By Adina Marcut
CapitalSource provided a $28 million loan to finance the development of The Nexus, a 70-unit student housing community located in Berkeley, Calif. A partnership between Corigin Real Estate Group and Pacific Interests served as the borrower in the transaction.
The property, located at 2539 Telegraph Ave., will offer one-, two-, three- and four-bedroom units ranging in size from 369 to 1,034 square feet. Each apartment will offer built-in storage, stainless steel Energy Star appliances, nine-foot ceilings, operable windows, engineered soundproofing, bay windows, individually controlled heat and ventilation.
Additional retail space
The soon-to-be Class A, six-story building will feature 238 beds, of which 20 beds and six units will be designed to be affordable. More than 4,700 square feet of ground floor retail space will be available on site. Common area amenities will include nine parking spaces, 144 bike parking spaces, a resident lounge, laundry room on every floor, on-site City CarShare and a rooftop deck with a variety of seating, shading, planting and other options.
The Nexus will be situated on the historic Telegraph Avenue, which serves as the central artery of University of Berkeley’s student life and in close proximity to its main campus. Whole Foods, CVS Farmacy, Urban Outfitters and a variety of restaurants such as Pasta Bene, Berkeley Thai House, Blondie’s Pizza, Cream and others are nearby.
Recently, CapitalSource provided a $100 million construction loan to an affiliate of Republic Properties Corp. for the development of a new multifamily property in Washington, D.C.
Images courtesy of CapitalSource