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Today, new construction debt is challenging to secure. For co-living deals, the challenges are even greater—but that doesn’t mean that they aren’t getting done. ELK Development recently secured $14.1 million to build an 86-unit co-living property in a Hollywood opportunity zone area.

Co-living properties need to meet a few specifics to attract lender interest. “It is still limited and it is a tough asset class to get done right now,” Shahin Yazdi, principal and managing director, at George Smith Partners, tells GlobeSt.com. “People do not know what the future holds in this space; however, there are still lenders interested in the asset class with the right dynamics at play. At this point, co-living deals have to have their bathroom for each bedroom at the very least. The more limited the contact is, the more a lender can feel comfortable.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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