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BERKELEY, CALIF. — AJ Capital has received $31.5 million in financing to acquire and reposition the 144-unit Hotel Durant in Berkeley. The hotel is located at 2600 Durant Ave.
AJ Capital plans to rebrand the property as the Graduate Hotel. The Graduate brand is the first to cater exclusively to college- and university-anchored markets. It is targeted toward alumni and other college visitors.
The Graduate portfolio was launched in 2014. It currently contains 1,355 rooms in nine university-anchored markets across the country.
Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoar of Mission Capital Advisors’ Debt & Equity Finance Group arranged the financing.