QuadReal Property Group (“QuadReal”), a global real estate investment, operating and development company, has announced the closure of a construction loan to Core Spaces, a Chicago, Illinois-based real estate acquisition and development firm, to finance the development of Hub Packard, a student housing development serving the University of Michigan in Ann Arbor, Michigan.
Hub Packard will provide 15 stories of purpose-built student accommodation totaling over 1,000 beds. The property will also offer amenities, including a resort-style pool and spa with expansive sundeck, lounge area, BBQ stations, state-of-the-art fitness center, yoga and meditation room, dog run and spa, and private study rooms.
“Our latest debt financing highlights our commitment to serving high conviction residential markets with strong long-term demand drivers at all stages of the housing journey,” said Prashant Raj, Managing Director for U.S. Debt Investments at QuadReal. “In partnership with Core Spaces, and working closely with TSB Capital Advisors, we are pleased to help deliver student housing at the University of Michigan, which continues to see strong demand for high-quality student accommodations.”
QuadReal has previously financed three of Core Spaces’ other student housing developments: Hub William (Ann Arbor, MI), oLiv Madison (Madison, WI), and Hub College Park (College Park, MD). Core Spaces has developed and acquired CAD $6.8 billion (USD $4.8 billion) in student housing deals and has approximately 24,000 beds under management. Core Spaces has approximately CAD $4.1 billion (USD $2.9 billion) in projects currently under development.
QuadReal’s real estate debt program is valued at over CAD $13 billion with CAD $6 billion of exposure to residential assets. QuadReal is committed to the living sector and is focused on delivering a variety of housing options in key markets across the globe.
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management are CAD $85 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating platforms in which it holds an ownership interest.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
