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| Adam F. Herrin |
DALLAS, TX – HFF announced it has arranged $40.845 million
in financing for The Glen at University Park, a 520-bed student housing development
that will serve the California State University campus in San Bernardino,
California.
Working exclusively on behalf of a venture between
University Park Promenade & Shops, LLC (an affiliate of J.R. Watson &
Associates) and Capstone Development Partners, LLC, HFF placed the three-year,
floating-rate construction loan with Bank of the Ozarks.
Due for completion in September 2015, The Glen at University
Park will be located at the northwest corner of University Parkway and West
Northpark Boulevard directly across from the main entrance of the
University.
The fully-furnished units will include
five-bedroom/five-bath and four-bedroom/four-bath floor plans in an upscale
townhome-style design.
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| Charles Halladay |
Community amenities will include a 7,000-square-foot recreational
building that houses a state-of-the-art fitness center, community lounge,
media/gaming areas, business center and study rooms, in addition to outdoor
amenities such as a resort-style swimming pool, outdoor kitchen and barbecue
area, and open green space.
The Glen at
University Park is the final phase of the 132-acre University Park master
planned community that entered development in 2003 and includes a mixture of
residential and student housing, public park space and retail.
The HFF debt placement team was led by directors Adam
Herrin and Charles Halladay.
According to HFF, the general contractor on the project is
Bowlus Pacific, an experienced residential builder.
Both the developer and contractor have received excellent
assistance from San Bernardino Mayor Carey Davis, City Manager Allen
Parker, Community Development Director Mark Persico and the entire city
staff.
California State University President Tomas Morales and his
administrative staff have given salient direction to the design and operations
of the much needed student housing project and accompanying student-oriented
shopping center.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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