292 North 8thStreet.

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NEW YORK CITY- New York-based co-living company The Collectivehas secured a $75 million construction loan from ACRES Capital tofinance 292 North 8th St., an 11-story student housing andco-living development in Williamsburg, Brooklyn.

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Dated for completion in 2022,once the property is up and running it will offer 194 beds for students in addition to aco-living portion with 127 beds for nightly and monthly stays. Theproperty, which has some partnership ties with local universities,features shared amenities including a student lounge, classroomspaces, a rooftop fitness and wellness level that has a sun terraceand sauna, and dining andlaundry facilities for students, who will also have access tointerdisciplinary programming offered at the property.

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"North 8th is the first of its kind.  We will deliverthe best amenities and community-driven programming to students andmembers alike.  We're looking forward to getting startedand welcoming our newest neighbors," said Simon Koster, TheCollective's head of U.S. development, in a prepared statement."ACRES Capital is a key partner for our U.S. growth."

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The development will alsohave a public-facing andaccessible restaurant with a street-level grab and go concept and acourtyard bar. Nearby is theBedford Avenue L-train station and the Metropolitan Avenue G-trainstation in North Williamsburg accessible to Manhattan, Long IslandCity and Downtown Brooklyn. 

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To date, The Collective has raised over $1 billion to fund itsgrowth. North 8th will open alongside the company's two previouslyannounced Brooklyn projects, 555 Broadway and 1215 Fulton St.

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"For our firm, this is anopportunity to invest with an inspirational client on what will bea transformative project," Mark Fogel, president & CEO of ACRESCapital, said in a prepared statement. "We believe that co-livingis a future-forward alternative to housing, and given thesefactors, it was a very attractive proposition for us aslenders."

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.