MINNEAPOLIS- Holliday Fenoglio Fowler, L.P. has announced that they have secured construction financing and joint venture equity for the development of Metro Park East, a 194-unit, 551-bed, student housing project at the University of Minnesota – Twin Cities.
HFF’s Adam Herrin worked with the developer, Fountain Residential Partners, LLC, to get a $29.5 million construction loan through the American Bank of Texas. HFF also got $11.56 million in joint venture equity with an unnamed institutional capital partner.
Fountain will also complete in 2014 a mixed-use project across the street from The University of Texas – San Antonio and student housing serving the University of Houston.
The new housing at U of M will be at 2635 Southeast 4th Street in the Stadium Village neighborhood next to the university’s East Bank Campus. Fountain Residential plans to complete Metro Park in time for the start of classes in fall 2014 and ensure it meets LEED Silver standards. It will include one-, two-, three- and four-bedroom apartment homes, a clubhouse consisting of a sports bar-styled game room, fitness center and cyber café with study rooms.
The university has taken several important steps recently to remake and expand student housing near the East Bank Campus. The Opus Group recently completed the nearby 120-unit Stadium Village Flats and by August they should also finish the Station on Washington, a mixed-use project with 11,172-square-feet of ground-level retail and five additional stories of student housing with 97 units.