Co-living operator The Collective has secured a $75 million construction loan for its newest location in the Williamsburg neighborhood of Brooklyn. The location, in the heart of the buzzy waterfront nabe, was first announced in December.
The financing was provided by ACRES Capital Corp., the terms of which were not disclosed by the company.
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The Collective’s latest location is an 11-story student housing and short to medium stay property at 292 North Eighth St. Slated for completion in 2022, the co-living development will offer 194 beds for students and 127 beds intended for nightly and monthly stays.
Amenities at the property will included a student lounge and classroom spaces, a rooftop fitness and wellness center with a terrace and sauna, a curated program of seminars, lectures and think tanks and a dedicated kitchen, dining and laundry facilities. The North Eighth location will also include a ground-floor restaurant with a grab-and-go concept as well as a bar.
Simon Koster, head of U.S. development for The Collective, said in prepared remarks that the Williamsburg location is a “transformative” project and called co-living a “future-forward alternative to housing.”
The Collective has two other Brooklyn projects currently in the works: 555 Broadway and 1215 Fulton St., both of which are also slated to open in 2022. The brand has a location at 2825 NW Second Ave. in the Wynwood district of Miami and 633 S. LaSalle St. in Chicago that are currently being developed as well.
Outside of the U.S., The Collective is looking to grow its global footprint. Last month, the company landed a $179 million group level financing package from Deutsche Bank and the GCP Asset Backed Income Fund to further its international expansion. The company will use the financing to acquire additional development sites, in particular in the UK, Germany, Ireland and the U.S. Currently, The Collective has more than 9,000 units already operating or under development across the globe.