LAFAYETTE, Ind., Jan. 22, 2013 (GLOBE NEWSWIRE) -- Trinitas Ventures LLC, a premier developer of student housing and mixed-use communities, recently began constructing a new urban infill redevelopment in Lexington, Kentucky. The Collegiate on Angliana, a 278-unit, 699-bed student housing property with an anticipated opening date of August 2013, will serve students attending the University of Kentucky (UK).
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The Collegiate is located one mile northwest of UK's main campus and is a short walk to downtown Lexington and Rupp Arena. The student housing property integrates Trinitas' award-winning large unit designs and townhouse-style apartment features with the convenience and atmosphere of modern living. The student housing facility provides a number of amenities including a 6,500 square-foot clubhouse, pool, hot tub, basketball, bocce, as well as sand volleyball courts, fitness center, and sundeck.
Equity financing has been provided by a joint venture between Trinitas and Harrison Street Real Estate Capital (HSRE). The project represents the fourth development for the Trinitas/HSRE Capital partnership. Brian Thompson, Senior Vice President at HSRE stated, "We are pleased to further expand our relationship with Trinitas. We have had tremendous success with Trinitas and we are excited to be investing with them in the dynamic UK market. They are professionals in every sense of the word and we look forward to growing the platform over future cycles."
Construction financing has been provided by Key Bank. This is the first construction loan financed by Key Bank for Trinitas' student housing developments. Loren King, Chief Operating Officer of Trinitas stated, "We are excited to begin our relationship with Key Bank and continue our partnership with HSRE. By expanding our access to debt capital and combining it with our consistent, successful association with HSRE, we have positioned ourselves for success on present and future student-housing opportunities."
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 KeyBank Real Estate Capital
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals provide construction and interim finance, permanent mortgages, commercial real estate loan servicing, and cash management services for virtually all property types. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank offers a variety of agency financing solutions for multi-family properties, including seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation's largest and highest-rated commercial mortgage servicers.
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Source:Trinitas Ventures LLC