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8/19/24
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Panoramic Interests has secured $30 mil in construction financing for The Northside, a 73-unit student housing project at 1752 Shattuck in Berkeley.
The Northside, now under construction, is situated in the city’s desirable Gourmet Ghetto district and just three blocks from UC Berkeley. According to a UC Berkeley study, 82% of students do not own a car, which increases the demand for housing in the area. The Northside is within easy walking distance to unique cafes, restaurants and grocery stores that typify North Berkeley and close to several public transit systems including AC Transit, Golden Gate Transit and BART.
Set for completion in March 2026, The Northside will offer a diverse range of studio, one-, two-, three- and four-bedroom units. Spanning an impressive 451.5k sf, the seven-story, mid-rise development will also include 1.2k sf of commercial space. The fully furnished units will feature modern furnishings, large operable windows, hospital-grade ventilation, engineered soundproofing and nine-foot ceilings. Residents of The Northside will also enjoy amenities such as a roof deck, secured bike room, laundry rooms, lounges, co-working space and keyless entrances.
Berkeley, CA has witnessed considerable growth in its real estate market, driven by strong demand and limited new supply. The average home prices in the city hover around $1.5 mil, while over half of the households are renters. As a result, Berkeley consistently maintains a vacancy rate of less than 5% and has experienced stable annual rent growth of 3.5% since 2018.
Jordan Angel and Alex Witt with JLL Capital Markets arranged the loan through BHI, a full-service commercial bank that operates as the U.S. division of Bank Hapoalim.
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