BERKELEY, CA—With sites at a premium, creative approaches that merge much-needed housing with other vital commercial space such as retail are winning combinations. One project underway on the UC Berkeley campus aims to accomplish that goal and includes affordable units as a nice bonus.

Upon completion, The Nexus at 2539 Telegraph will be a class-A six-story student housing complex with a total of 70 units and 238 beds in 59,000 square feet. Six of the units and 20 beds will be designated as affordable units. It is to include modular two-bedroom micro-suites organized around a central courtyard, GlobeSt.com learns. The courtyard will provide natural light and ventilation for the interior-facing bedrooms.

The 4,755 square feet of ground floor retail space will include a neighborhood grocer. Landscaped areas on Telegraph and Regent Streets, the podium level courtyard and the rooftop provide open space amenities. This top deck, accessed by an elevator and two stairways, will include a variety of seating and shade options, and views of the Bay and East Bay hills.

CapitalSource, a division of Pacific Western Bank, provided the construction loan in the amount of $28 million to finance the development of the student housing property. The borrower is Corigin Real Estate Group and Panoramic Interests, a student housing property designer.

“The Nexus will be built in what is known as UC Berkeley's cultural core and is sure to be a popular housing option for students once complete,” Kevin Randolph, director of construction real estate at CapitalSource, tells GlobeSt.com. “The CapitalSource deal team sourced the deal directly from Corigin Real Estate Group and the deal came together nicely.”

The property will have a resident lounge, nine parking spaces and 144 bike parking spaces. Each unit will be furnished and include 9-foot ceilings, operable windows, engineered soundproofing, bay windows, and individually controlled heat and ventilation. The building process is to include sustainable materials and construction methods, high-efficiency lighting and low-flow plumbing fixtures, GlobeSt.com learns.

Although the property will provide access to City CarShare vehicles, The Nexus has a 95 Walk Score, is located in immediate proximity to the main campus (a 6-minute walk), and surrounded by UC Berkeley-affiliated buildings, campus dining options and residence halls. This project will serve as a gateway to Berkeley's Telegraph Avenue retail district. Telegraph Avenue is home to many popular restaurants and stores, is frequented by university students, local residents and visitors, and it serves as the central artery of Berkeley University student life.

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