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, MI.
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.
Located at 740 Packard Street, the development is 0.2 miles from campus, providing easy access to Michigan Union, Michigan Stadium, and the Diag. Construction on Hub Packard is slated to begin in January 2025, with the property set to be completed in June 2027 in time for the 2027-2028 academic year.
“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 in student housing deals and has approximately 24,000 beds under management. Core Spaces has approximately CAD $4.1 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.
