QuadReal Property Group has granted a construction loan to Core Spaces for the development of student housing at the University of Michigan in Ann Arbor.
The project, called Hub Packard, will consist of 15 stories and provide over 1,000 beds specifically designed for students. This is not QuadReal’s first collaboration with Core Spaces as they have previously financed three other student housing developments.
Hub Packard will be located at 740 Packard Street and conveniently situated next to campus near popular destinations such as Michigan Union, Michigan Stadium, and the Diag. Construction is scheduled to begin in January 2025 with an expected completion date of June 2027 just in time for the start of the academic year.
Prashant Raj, Managing Director for U.S. Debt Investments at QuadReal stated: “We are excited to partner with Core Spaces and work closely with TSB Capital Advisors on this project that will deliver high-quality student accommodations at University of Michigan where there is consistently strong demand.”
