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.

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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.

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

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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)