$30m student housing development financing secured in Berkeley

Panoramic Interests, a developer of high-density infill projects in the Bay Area, has received a $30 million construction financing for The Northside, a 73-unit student housing project at 1752 Shattuck in Berkeley, Calif.  

The Northside, now under construction, is located in the highly desirable Gourmet Ghetto district and three blocks from the University of California, Berkeley. According to a UC Berkeley study, 82 percent of students do not own a car, which increases the demand for housing in the area. The Northside is within easy walking distance to unique cafes, restaurants and grocery stores that typify north Berkeley and close to several public transit systems including AC Transit, Golden Gate Transit and BART. 

Berkeley has witnessed considerable growth in its real estate market, driven by strong dem