An affiliate of Mosaic Real Estate Credit (MREC) has provided a Michigan-based real estate investment and development firm, Shamrock Acquisitions, with $68.75 million in construction financing for an 885-bed student housing development in Merced, Calif.
The 270-unit Merced Station is being developed to meet the shortfall of student housing at the University of California Merced (UCM), one of the fastest growing public universities in the United States. The undergraduate enrollment at UCM, located 80 miles east of San Jose, has quadrupled to more than 8,500 students since its founding in 2005 and is expected to exceed 10,000 students by the end of 2020. Despite a $1.3 billion master-planned campus expansion that will nearly double the size of the campus, significantly fewer student housing beds are planned than the demand that will be created by the UCM’s expansion.
UCM is an example of how college enrollment has increased across the United States as Generation Z ente
