LAFAYETTE, Ind., Dec. 19, 2012 (GLOBE NEWSWIRE) -- Trinitas Ventures LLC, a premier developer of student housing and mixed-use communities, has recently completed construction of its new, cottage-style student housing community located in West Lafayette, Indiana. The Cottages on Lindberg (The Cottages), a 193-unit, 745-bed student housing property currently serves students attending Purdue University (Purdue).
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The Cottages is located 1 ½ miles north of Purdue's main campus and 1/3 mile west of the championship-level Purdue's golf courses. The Cottages has 2, 3, 4 and 5 bedroom cottage-style units and provides a number of amenities including a 6,500 square foot clubhouse, a pool, a hot tub, a basketball court, and shuttles to campus. The Cottages opened fully occupied in August 2012 and is nearly fully pre-leased for August 2013.
Equity financing has been provided by a joint venture between Trinitas and Harrison Street Real Estate Capital (HSRE). The project represents the first cottage-style development for the Trinitas/HSRE partnership. Brian Thompson, Senior Vice President of HSRE stated, "While this is Trinitas' first cottage-style project, we were confident in Trinitas' ability to develop, construct, and manage this unique product and are excited to be invested in a blue chip market like Purdue."
Construction financing was provided by U.S. Bank. This is the first construction loan financed by U.S. Bank for Trinitas' student housing developments. Loren King, Chief Operating Officer of Trinitas, stated, "We are excited to begin our relationship with U.S. Bank. Without great partners like U.S. Bank and HSRE, successes like we have achieved at The Cottages would not be possible." Randy With, Cincinnati/ Indianapolis Market Manager for U.S. Bank added, "Trinitas is a highly successful student housing developer, and their success with the cottage-style product type is strong evidence of their market knowledge. We are proud to be part of this project."
Trinitas is a fully integrated student housing company that finances, develops, constructs, and manages high quality student housing communities at major universities throughout the United States. Trinitas currently owns and manages approximately $350 million in student housing assets consisting of more than 5,000 student housing beds. Trinitas has financed $80 million in student housing through Q3 2012, and is currently developing more than $100 million in student housing assets consisting of 1,435 beds for Fall 2013 completion. The privately held real estate development company is headquartered in Lafayette, Indiana. Learn more about Trinitas at www.trinitas-ventures.com.
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About Harrison Street Real Estate Capital, LLC
Harrison Street is a real estate private equity firm founded in 2005 that directly and through its affiliates, has approximately $4.5 billion in Assets Under Management (AUM) through commingled funds and public securities products. The commingled funds focus exclusively on the Education, Healthcare and Storage segments of the U.S. real estate market. The firm currently owns approximately $4.0 billion in real estate assets including over 26,000 student housing beds, more than 6,000 senior housing/assisted living units, over 1.4 million square feet of medical office space, more than 72,000 self storage units, and over 4,600 dry & wet boat storage slips. Additionally, Harrison Street Securities LLC currently manages over $500 million in REIT securities through distinct long only product offerings. For more information visit www.harrisonst.com.
About U.S. Bank Commercial Real Estate
U.S. Bank Commercial Real Estate specializes in providing creative credit and non-credit financial solutions for real estate developers, REITs, and commercial property owners across the United States. U.S. Bank offers such services as construction/development lending, property acquisition lending, refinancing, lines of credit, and syndications. With an employee base of 400 professionals in 24 offices, U.S. Bank Commercial Real Estate builds long-term relationships designed to help American businesses grow.
About U.S. Bank
Minneapolis-based U.S. Bancorp, with $352 billion in assets as of September 30, 2012, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The Company operates 3,086 banking offices in 25 states and 5,080 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at usbank.com.
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Source:Trinitas Ventures LLC