$10,500,000
Land/Entitlement Loan
12,792 sq.ft. Infill Land Site to be developed into a ~270 bed Student Project
Berkeley, CA
HRC arranged a $10.5 million loan to fund the acquisition and entitlement of a proposed student housing development at 2538 Durant Avenue located in Berkeley. The non-recourse loan was sized to 70% of cost and 105% of purchase price.
The proposed development will replace the existing 12-unit apartment building and parking lot with an eight-story student housing complex with a total of ~270 beds across ~83 units, along with 5,000 square feet of ground-floor commercial space. Centrally located, 2538 Durant Ave is steps from the heart of campus and downtown Berkeley as well as the Downtown BART Station, allowing an easy commute to the San Francisco Financial District as well as the Oakland International Airport.