Panoramic Interests Lands Financing for California Student Housing
Located just blocks from UC Berkeley, the project is set to come online later this year.
Panoramic Interests has obtained $30 million in construction financing for the development of The Northside, a 73-unit student housing project in Berkeley, Calif. JLL Capital Markets arranged the loan through BHI, the commercial bank that operates as the U.S. division of Israel-based Bank Hapoalim.
Expected to come online in March 2026 and serve UC Berkeley, the community is already underway. Designed by Trachtenberg Architects, the project is taking shape on the former site of a gas station building and shelter structure.
The Northside is set to rise seven stories and feature studio, one- to four-bedroom layouts, along with some 1,200 square feet of commercial space. Apartments will be fully furnished. Common-area amenities are slated to include a roof deck, a secured bike room, laundry facilities, lounges, coworking spaces and a residential lobby.
READ ALSO: National Student Housing Report – July 2024
Located at 1752 Shattuck Ave., the development is within walking distance of the UC Berkeley campus and the Stu Gordon Stadium, as well as less than a mile from downtown Berkeley. Downtown San Francisco and the San Francisco Bay Oakland International Airport are within 14 miles.
JLL Capital Market Debt Advisory Senior Managing Director Jordan Angel and Managing Director Alex Witt led the team that worked on behalf of the borrower.
New student housing communities to come online
Total enrollment at the University of California-Berkeley for the fall 2023 academic year stood at 45,699 students, a slight year-over-year increase, according to Yardi Matrix information. Currently, there are six projects underway or in different planning stages, which are expected to generate about 840 units.
The largest student housing development currently underway is LivCor’s Albany Village, a 289-unit, 760-bed project located less than 2 miles of UC Berkeley, the same source shows. The developer broke ground on the community in March of 2023 and expects to complete it later this year.
