Northmarq arranges $24M construction financing for a 49-unit, 166-bed student housing community near UC Berkeley
Photo credit: Rendering by architect SKDA
BERKELEY, Calif. — Northmarq’s San Francisco Debt + Equity team, led by Briana DeHaan and Brandy Buttram, arranged $24 million in construction financing for 2372 Ellsworth St., a 49-unit, 166-bed student housing development project located at the corner of Ellsworth St. and Channing Way in Berkeley, California.
“Even in today's market, lenders are willing to lean in on the right opportunities,” DeHaan said. “The sponsor assembled a strong team, including an experienced local fee developer (Bright Street) and proven general contractor, which gave the bank lender confidence in the project's execution and helped secure a competitive rate and financing structure.”
“Berkeley students deserve great housing close to campus, and we have the right team to deliver it. We’re grateful to Northmarq and our lender for their confidence in the project,” said project sponsor Srihari Vegesna.
Located just two blocks south of campus, the property will provide convenient access to UC Berkeley's academic facilities, student-oriented retail and dining amenities, and regional transit options throughout the Bay Area.
Student housing remains an attractive asset class for many lenders due to its specialized demand profile and persistent housing shortages near major universities. “Well-located properties serving UC Berkeley continue to draw interest from capital providers seeking exposure to a high-barrier-to-entry market supported by strong enrollment and durable housing demand,” said Buttram.
Scheduled for delivery in 2028, the property will provide purpose-built student housing serving the University of California, Berkeley, one of the nation's leading public research universities. Its proximity to campus supports demand from students seeking private housing options within walking distance of classes, campus resources, and university amenities.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
