Bank Hapoalim Provides $30M Construction Loan for UC Berkeley Student Housing
The Northside, a 73-unit student housing complex, is being built a few blocks from campus
By Brian Pascus August 8, 2024 1:57 pm
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Panoramic Interests has secured $30 million to continue constructing The Northside, a 73-unit student housing complex on the University of California, Berkeley campus.
BHI, the U.S. division of Israel-based Bank Hapoalim (BKHYY), provided the loan, while a JLL capital markets debt advisory team of Jordan Angel and Alex Witt arranged the financing.
Located at 1752 Shattuck Avenue in Berkeley — a few blocks from the heart of campus in the Gourmet Ghetto district — the seven-story Northside building is expected to be completed in 2026. The new student housing complex will span 451,509 square-feet and feature units ranging from studios to four bedrooms.
The complex is expected to also include more than 1,200 square feet of ground floor commercial space and feature amenities such as a roof deck, a secured bike room, several laundry rooms, private lounges and coworking spaces.
Panoramic Interest is currently developing several other student housing projects in the Berkeley area including the — tentatively named — CitySpace Studios, CityScape 2555 College, and CitySpace 2712 Telegraph.
JLL noted that a recent UC Berkeley study found that 82 percent of students on campus do not own a car, thus increasing the demand for student housing in the surrounding area.
Panoramic Interests did not respond to a request for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com.
