Updated Nov 2, 2026
NorthMarq Arranges $24 Million Construction Loan For Student Housing Development In Berkeley, CA
2372 Ellsworth Street
$24,000,000
Units
49
Asset Type
Development Site
Closing
Oct 29, 2026
About this deal
AI
The property asset involved is a development site located at 2372 Ellsworth Street in Berkeley, California. It features plans for a 49-unit, 166-bed student housing development, specifically designed for student accommodation, aiming to serve the nearby UC Berkeley campus. The loan amount secured for this project is $24,000,000 under a construction loan type.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $24,000,000
- Location: 2372 Ellsworth Street, Berkeley, CA
- Asset Sponsor: Srihari Vegesna
- Scheduled Delivery: 2028
- Brokers: Briana DeHaan & Brandy Buttram - NorthMarq
Northmarq arranged the $24 million in construction financing, facilitating the development of the project. The location is strategically positioned two blocks south of UC Berkeley, allowing for accessible housing options close to campus, retail, and transit facilities.
On the Map
$24,000,000
Development Site
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Ellsworth Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93