During the highly difficult pandemic period for student housing, Highland advised the Sponsorship in procuring $19,040,000 construction debt for the development of The Laureate, a 124-Bed / 24-Unit student housing development project in the epicenter of Berkeley. The lending community loved the project, although the innovative high ratio of beds per unit made this assignment particularly challenging as COVID surged and density was viewed negatively. The lender that closed focused of the development’s long term value as well as the strong Sponsorship rather than the short term pandemic effects. The project will also include 2,911 sf of ground-floor retail.
The Property will be situated on an infill site at the SWC of Telegraph Avenue and Blake Street, just a few blocks from the south border of the UC Berkeley campus. Having an irreplaceable location within the heart of student activity and commerce in the South Campus area, the Property will be served by a plethora of transit, retail, and neighborhood amenities.
The Laureate will provide much need housing to the extremely impacted Berkeley student housing market.
About Highland Realty Capital
The Principals of Highland Realty Capital have arranged debt and equity capital in excess of $7 billion for commercial real estate owners, investors, and developers. Highland has broad experience in all product types and all layers of the capital stack for ground-up developments, value-add acquisitions, land acquisitions, recapitalizations, and permanent refinancings.