30m Student Housing Development Financing Secured In Berkeley

Panoramic Interests Secures $30 Million for Student Housing Project

JLL Capital Markets Arranges Construction Financing for The Northside Development

San Francisco, CA – January 7, 2024

JLL Capital Markets announced today that it has secured a $30 million construction financing for The Northside, a 73-unit student housing development in Berkeley, California. Panoramic Interests, a developer of high-density infill projects in the Bay Area, obtained the financing to continue construction on the project.

The seven-story, mid-rise development will span an impressive 451,509 square feet and include 12,110 square feet of ground-floor retail space. The project is located at the corner of Shattuck Avenue and Addison Street, just two blocks from the University of California, Berkeley campus. The Northside will offer a mix of studio, one-, two-, and three-bedroom units, as well as amenities such as a fitness center, study lounge, and rooftop terrace.

JLL Capital Markets worked on behalf of Panoramic Interests to secure the financing through a leading national bank. The loan features a floating interest rate and a three-year term.

"We are excited to have secured this financing for The Northside, which will provide much-needed student housing near the UC Berkeley campus," said JLL Capital Markets Managing Director Ryan Nelson. "The project's strong location and amenities make it an attractive investment for our client."

"We appreciate the hard work and dedication of the JLL Capital Markets team in helping us secure this financing," said Panoramic Interests Principal Joe Lacob. "We are confident that The Northside will be a successful addition to the Berkeley community."