The Collective secures $75m funding for student housing project in US

WCN Editorial Team 6 Mar 2020 NORTH AMERICA BUILDINGS

The Collective, a UK-based a co-living company, has secured $75m in financing from ACRES Capital for the construction of 292 North 8th Street (North 8th), a student housing development in New York, US.

Located in Williamsburg, Brooklyn, North 8th is an 11-storey student housing and short / medium stay co-living development that will house 194 beds for students along with a co-living portion with 127 beds for nightly and monthly stays.

The new development is located between the Bedford Avenue L-train station and the Metropolitan Avenue G-train station in North Williamsburg and the residents will have access to Manhattan, Long Island City and Downtown Brooklyn.

Expected to be completed in 2022, the project will feature a student lounge and classroom spaces, a rooftop fitness and wellness level which has a sun terrace and sauna, a dedicated kitchen along with dining and laundry facilities for students.

Additionally, the project will have a public-facing restaurant and a courtyard bar.

The Collective will open North 8th along 555 Broadway and 1215 Fulton St, the two previously announced Brooklyn projects of the company.

Additionally, 2825 NW Second Avenue in Miami, Florida's Wynwood District and 633 S. LaSalle Street in Chicago, Illinois are under development by The Collective.

Currently, the co-living company owns and operates more than 9,000 units of co-living business which are operational or under development across the world.

Furthermore, a pipeline of sites with a possibility for 20,000 units is under consideration the firm aims to have a 100,000 unit global portfolio over the next five-10 years.

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Image: Renderings of 292 North 8th Street in New York, US. (Credit: The Collective/ PR Newswire)

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