LAFAYETTE, Ind., Jan. 8, 2013 (GLOBE NEWSWIRE) -- Trinitas Ventures LLC, a premier developer of student housing and mixed-use communities, recently constructed a new, urban-infill student housing community located in Richmond, Virginia. The Collegiate, a 269-unit, 690-bed student housing property, serves students attending Virginia Commonwealth University (VCU) and opened this past August.
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The Collegiate is located 1/2 mile north of VCU's main Monroe Park Campus in the heart of Richmond's downtown area. The student housing property integrates Trinitas' award-winning large unit designs and townhouse-style apartment features with the convenience and atmosphere of urban living. It boasts a broad array of amenities including a 6,300 square feet clubhouse containing a recreation area, spa, and fitness center as well as courtyards including a basketball court, sand volleyball court, pool, and sundeck.
Equity financing has been provided by a joint venture between Trinitas and Harrison Street Real Estate Capital (HSRE). The project represents the second infill development for the Trinitas/HSRE Capital partnership. Brian Thompson, Senior Vice President of HSRE stated, "This is the exact type of investment we anticipated when we partnered with Trinitas to provide student housing. This strategy of building out infill, higher-density sites is critical to our broader strategy within the education space."
Construction financing has been provided by PNC Bank (PNC). This is the third construction loan in the last four years provided by PNC for Trinitas' student housing developments. "We are excited to continue with our relationships with PNC and HSRE," added Loren King, Chief Operating Officer of Trinitas. "Our successful history with both parties—including the financing of the successful 1201 Indiana project in Indianapolis, Indiana—is fuel for our growth as we seek to capitalize upon various opportunities in student housing markets nationwide."
About Trinitas
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 US 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 PNC
PNC Bank, NA is a member of the PNC Financial Services Group, Inc. The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Follow @PNCNews on Twitter for breaking news and announcements from PNC.
