Citizens Commercial Banking is providing a $35 million construction loan to Core Ann Arbor, LLC — a joint venture between Core Spaces and DRW Real Estate Investments — for the construction of a student housing project near the University of Michigan campus in Ann Arbor, Michigan. Citizens is the lead arranger and administrative agent.
The Chicago-based joint venture has successfully delivered seven ‘”Hub” student housing developments in the past three years. Core Spaces is a full-service real estate development and management company, while DRW is a global principal trading firm.
The new Class-A+ luxury student housing project will be 12 stories high and will contain 124 units with 310 beds. It will feature a club room, management office, business lounge, fitness center and a rooftop deck with heated pool. The tower will be located next to the recently renovated Graduate Hotel, within blocks of the University of Michigan campus, downtown Ann Arbor and the historic Kerrytown district.