The Collective Scores $75M Loan for Brooklyn Co-Living Property

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

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

“North 8th is the first of its kind.  We will deliver the best amenities and community-driven programming to students and members alike.  We’re looking forward to getting started and welcoming our newest neighbors,” said Simon Koster, The Collective’s head of U.S. development, in a prepared statement. “ACRES Capital is a key partner for our U.S. growth.”

The development will also have a public-facing and accessible restaurant with a street-level grab and go concept and a courtyard bar. Nearby is the Bedford Avenue L-train station and the Metropolitan Avenue G-train station in North Williamsburg accessible to Manhattan, Long Island City and Downtown Brooklyn. 

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

“For our firm, this is an opportunity to invest with an inspirational client on what will be a transformative project,” Mark Fogel, president & CEO of ACRES Capital, said in a prepared statement. “We believe that co-living is a future-forward alternative to housing, and given these factors, it was a very attractive proposition for us as lenders.”