University Gatewayapartment and retail project

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The $167.5 million financing is a construction loan and jointventure equity for University Gateway, according to HFF seniormanaging director Paul Brindley and associate director John Crump.The two worked on behalf of Urban Partners LLC, Real Estate CapitalPartners and Blackstone Real Estate Advisors (BREA), an affiliateof the Blackstone Group LP, to secure the fully underwrittenconstruction loan through Wells Fargo's Merchant Banking Group. RCGLongview Equity Fund LP provided the equity.

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Brindley calls University Gateway "one of the most highlyanticipated projects to be under way in the USC area in years," inpart due to the nearly 7,000-bed shortage the university is facingfor student housing. The 421 units at University Gateway willprovide 1,600 beds, Brindley notes.

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Due for completion in the summer of 2010, University Gatewaywill consist of an eight-story structure of more than 600,000 sf offloor area and a nine-level parking garage devoted to student andretail parking, plus bicycle storage. Neighborhood-servingrestaurants and retail outlets with national and regional tenantswill fill the ground floor retail space.

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Urban Partners LLC is a Downtown Los Angeles-based real estateplanning, investment, development and management firm that wasfounded by Paul Keller, Dan Rosenfeld and the late Ira Yellin in2000. Urban Partners also operates an affiliate project deliveryand construction management firm, Keller CMS, and a northwestregional office in Seattle.

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Real Estate Capital Partners LP is a real estate investmentadviser that has invested approximately $8 billion in US realestate on behalf of high-net-worth families and Europeaninstitutions. Blackstone Real Estate Advisors LP is an affiliate ofthe Blackstone Group LP, and RCG Longview Equity Fund LP is aninvestment platform created to carry out the real estate investmentactivities of Ramius LLC and the Feil Organization.

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