### QuadReal Provides Construction Loan for University of Michigan Student Housing
QuadReal Property Group has issued a construction loan to Core Spaces to support the development of a new student housing project at the University of Michigan in Ann Arbor.
The development, named Hub Packard, will be a 15-story, purpose-built student housing complex offering more than 1,000 beds. QuadReal has a history of financing Core Spaces’ student housing projects, having previously invested in three of their other developments.
Situated at 740 Packard Street, Hub Packard will be adjacent to the University of Michigan campus, providing convenient access to key locations such as Michigan Union, Michigan Stadium, and the Diag. Construction is scheduled to commence in January 2025, with completion targeted for June 2027, just in time for the 2027-2028 academic year.
“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,” said Prashant Raj, Managing Director for U.S. Debt Investments at QuadReal.
About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
