DALLAS, TX – HFF announced today that 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. 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.
J.R. Watson & Associates was founded in January 1972 by James R. Watson, President and CEO. Since its inception, the company has focused on high quality, community sensitive development of mixed-use, residential, retail land office complexes exceeding $1 billion in market value. The company has also developed more than one million square feet of neighborhood, downtown and specialty shopping centers.
Capstone Development Partners, LLC (CDP) is a real estate development company exclusively focused on working with colleges and universities. CDP, as a Capstone Company, has been helping colleges and universities overcome real estate development and housing challenges for 24 years. In 2000, Capstone opened a West Coast office in Encinitas, California. The company’s West Coast office focuses on partnerships with colleges and universities in the western region of the U.S., including Hawaii. The Capstone West team has completed major housing projects in southern and northern California, as well as in Washington, and Arizona.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.