SAN BERNARDINO, CA—HFF has arranged $40.84-million in financing for The Glen at University Park, a 520-bed student housing development. The building will serve the California State University campus in San Bernardino, CA.
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.
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