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

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.

292 North 8th Street.

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.

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Mariah Brown

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.

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