The Collective, a British co-living company, may lose its Brooklyn development site as the company has failed to make payments on a loan secured by the property.
Lender Acres Capital has initiated foreclosure proceedings on 1215 Fulton St., which The Collective purchased in 2019 for about $33 million. The Brooklyn site was going to be the company’s first US co-living location.
According to reports, The Collective was supposed to start construction last year and the building—which was set to have 87 apartments and 249 hotel rooms–was slated to be finished in 2022. The co-living company has since fallen into administration, the UK version of a Chapter 11 bankruptcy.
The company has also defaulted on another Brooklyn site, according to reports, for failing to make payments.