ACRES Funds $10.5M for Student Housing Development in Berkeley, CA
Loan to fund the acquisition and pre-development of proposed 12,792 SF Student Housing Project
BERKELEY, Calif.,Dec. 6, 2022英亩从资本公司(连同its subsidiaries, "ACRES"), a nationwide commercial real estate middle-market lender, has originated a$10.5 millionloan to fund the acquisition and pre-development of proposed student housing development 2538 Durant Avenue located inBerkeley, California(the "property"). The loan is provided to Valiance Capital, a locally based real estate development and investment management firm with primary focus on multi-family and student housing.
"Located just one block from UC Berkeley, 2538 Durant Ave is providing an essential student housing option to the area," said ACRES Chief Executive Officer and PresidentMark Fogel."We are confident that Valiance Capital's 'home court' advantage of being based inBerkeleyand their expertise in developing student housing will ensure the project's success."
The proposed development will replace the existing 12-unit apartment building with an eight-story student housing complex with a total of 270 beds across 83 units, along with 5,000 square feet of commercial space at the ground level. Centrally located, 2538 Durant Ave is a short commute to the San Francisco Financial District as well as theOaklandInternational Airport and with access to the Downtown Berkeley BART station.
"2538 Durant is going to help transform theBerkeleycity skyline and provide an incredible opportunity to address a substantial housing need for students," saysNhan Nguyen Le, Principal & Founder of Valiance Capital. "The ACRES team believed in our vision and provided us with a certainty of execution when it was needed the most as we navigated a shifting market. We are excited to work with ACRES on this incredibly needed housing project and proud to offer residents and students of UC Berkeley a new, high-quality housing option in an irreplaceable location."
The loan was arranged byJeffrey EliasonandLeland Ortegaof Highland Realty Capital andChris Hetzelof ACRES'Philadelphiaoffice originated the loan.
ACRES is a nationwide direct lender and SEC-registered investment adviser that provides construction, bridge and permanent debt capital solutions for the commercial real estate industry. ACRES partners on targeted opportunities in the$15 millionto$100 millionrange, including multifamily, student housing, retail, office, hospitality, and industrial. Contact us atwww.acrescap.comor at (516) 535-0015.
SOURCE ACRES Capital, LLC
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