January 18, 2011

Trinitas Announces Completion of Key 2010 Financing Activities

WEST LAFAYETTE, IN (Jan. 18, 2011) – Trinitas, a premier developer of student housing and mixed-use communities, announced the completion of its key financing activities for the 2010 calendar year, solidifying the firm’s balance sheet and preparing the company for continued growth of its development and owned property student housing portfolio.

Details of the company’s key financing transactions are described below:

Refinancings
On March 12, 2010, the company refinanced its construction mini-perm facility on The Village at Muller Park, located in Bloomington, Indiana.  The 248-unit / 668-bed luxury student housing property serves students attending Indiana University.  Permanent financing in excess of $25 million was secured through a 10-year fixed-rate loan through M&T Realty Capital Corporation/Fannie Mae.  Debt service is interest-only for 2 years followed by 30-year amortization at an interest rate below 6%.

On October 29, 2010, the company refinanced its construction mini-perm facility on The Village at Colbert Park, located in Savoy, Illinois.  The 279-unit / 699-bed luxury student housing property serves students attending The University of Illinois – Urbana Champaign.  Permanent financing in excess of $25 million was secured through a 10-year fixed-rate loan through M&T Realty Capital Corporation/Fannie Mae.  Debt service is interest-only for 2 years followed by 30-year amortization at an interest rate below 5%.

“Our successful refinancing activities are evidence of strong support for our recently developed, stabilized assets,” commented Mark D. Larson, Vice President of Finance for Trinitas.  “Our continued relationship with strong lenders like M&T Realty Capital Corporation positions us well as Trinitas’ growth accelerates over the next several years.”

Construction Debt
On October 8, 2010, Trinitas closed on an approximately $30 million construction facility to finance the construction of 1201 Indiana, a 267-unit / 667-bed property located in the heart of Indianapolis, Indiana.  1201 Indiana will serve students attending Indiana University-Purdue University Indianapolis (IUPUI), with an anticipated opening date of August 2011.  PNC Bank is providing the construction loan.

“We are excited to be working with PNC Bank – they are a great organization and have a great real estate finance team,” remarked Loren P. King, Chief Operating Officer of Trinitas.  “1201 Indiana represents our latest innovative student housing development.  PNC’s local commitment to this project, and to our firm, demonstrates the strong relationship we have developed over the last several years with their financing team.  We look forward to our continued successes together today and in the future.”

Equity Commitments
As previously announced, on October 29, 2010 Trinitas closed a $100 million joint venture with Harrison Street Real Estate Capital (HSRE) to develop student housing communities throughout the United States.

“Our joint venture with HSRE provides us with an enhanced ability to capitalize upon the many student housing opportunities our development team is uncovering in markets throughout the country,” Mr. King remarked.  “HSRE strengthens and diversifies our investor base and improves our ability to execute on opportunities quickly and decisively.  With HSRE’s programmatic capital behind us, our ability to grow and create value in the student housing business has been accelerated.  We look forward to a long, successful relationship with Harrison Street.”

About Trinitas
Trinitas Ventures is a premier developer, owner and manager of high quality commercial real estate, specializing in student housing and mixed-use communities at major universities throughout the United States.  Trinitas is a fully integrated real estate firm with expertise in development, construction, property management, and related activities and services.  The privately held real estate development company is headquartered in West Lafayette, Indiana.  Learn more about Trinitas at www.trinitas-ventures.com

 

November 1, 2010

Trinitas Ventures and Harrison Street Real Estate Capital Form $100 Million Student Housing Venture

Chicago, IL (November 1, 2010)— Trinitas Ventures LLC, a leading developer and operator of student housing, and Chicago-based real estate private equity firm Harrison Street Real Estate Capital (HSRE) have formed a $100 million joint venture partnership to develop and manage urban-infill student housing communities throughout the country.
The joint venture is positioned to capitalize on the development of infill student housing development opportunities proximate to large state universities across the country. Demonstrating that opportunity, the joint venture, recently closed on two student housing properties, one existing property and another currently under development. The purchase price totaled approximately $69 million.

“We seek well-located high-barrier-to-entry locations close to large colleges and universities,” said Loren King, Chief Operating Officer of Trinitas.  “These types of sites are usually difficult to acquire, entitle, and develop—we specialize in difficult.  We customize each project to the site and the market, which results in a well-positioned, highly desired property and significant value creation for Trinitas and our partners.”

The joint venture acquired the award-winning The Village at Muller Park, a Class A, 668-bed, purpose-built student housing property located in Bloomington, IN, serving students attending Indiana University. The property was developed and built by Trinitas and its affiliates and opened in Fall 2008. The Village at Muller Park provides 668 beds through a mix of townhouse and conventional flat styled apartments.  The property’s award-winning clubhouse boasts a fitness center, resident business center, study rooms, micro spa, recreation room and gaming center, and a pool and sundeck.

The joint venture also acquired 1201 Indiana, a Class A, 667-bed, purpose-built student housing project scheduled to open in August 2011. This investment represents the first infill development for the Trinitas/Harrison Street Real Estate Capital partnership and the first investment for the recently launched Harrison Street Real Estate Partners Fund III. The property is being developed and built by affiliates of Trinitas.

Trinitas/Harrison Street Joint Venture

Located in Indianapolis, Indiana, 1201 Indiana will serve the students attending Indiana University–Purdue University Indianapolis (“IUPUI”).  When completed, 1201 Indiana will provide 667 beds and approximately 7,000 square feet of commercial space.  The property is fully amenitized and will include a clubhouse with a fitness center, recreation and game room, pool and sundeck, micro spa, second floor patio deck and lounge area, and fifth floor roof-top deck and patio overlooking downtown Indianapolis.
Additional development projects are anticipated and could be completed for Fall 2012 opening.
“We continue to be active in the student housing space and feel that the partnership with Trinitas provides an excellent complement to our current student housing portfolio and further diversifies our partner base,” said Brian Thompson, Vice President of Harrison Street Real Estate Capital.  “We look forward to a long, successful relationship with the Trinitas team.  Their organization is poised for growth and their team has all of the qualities we are looking for in long-term partners.”

About Harrison Street Real Estate Capital, LLC

Harrison Street Real Estate Capital, LLC, is a real estate private equity firm founded in 2005. The firm, on behalf of Harrison Street Real Estate Partners I, II and III, currently owns approximately $2.1 billion in real estate assets which includes over 15,800 student housing beds, 4,400 senior housing / assisted living units, over 61,700 self-storage units, 2,850 dry & wet boat storage and 920,000 square feet of medical office space.  For more information on Harrison Street Real Estate Capital please visit www.harrisonst.com

About Trinitas Ventures LLC

Trinitas Ventures is a premier developer, owner and manager of high quality commercial real estate, specializing in student housing and mixed-use communities at high quality universities throughout the United States.  Trinitas is a fully integrated real estate firm with expertise in market analysis and identification; site selection and acquisition; property acquisition and due diligence; project planning, design, and financing; and development, construction, property management, and leasing.  The privately held real estate development company is headquartered in West Lafayette, Indiana.  Learn more about Trinitas at www.trinitas-ventures.com.

March 22, 2010

Loren P. King of Trinitas Ventures Appointed to Indiana Apartment Association Board of Directors

West Lafayette, Ind. (March 22, 2010) – Loren P. King, chief operating officer and general counsel for Trinitas Ventures, LLC and has been appointed to the board of directors of the Indiana Apartment Association (IAA).

IAA is a trade organization that plays a paramount role in representing the multi-family housing community at the local, state and national levels. Currently, the IAA represents more than 20,000 units throughout Indiana as well as members in eight affiliated chapters and councils. The association provides property owners and management companies with a constructive force through which to work together for the betterment of the industry.

King leads Trinitas’ business operations, including its real estate development, investor and lender relations, legal strategy, and property management operations. Prior to founding Trinitas, he served as a corporate law attorney for Frost Brown Todd, a mulit-state, full-service law firm. In this role, King focused on new ventures and emerging business as well as employee benefits law and executive compensation. King is a graduate of the Indiana University School of Law and earned a master’s of business administration degree from the Indiana University Kelley School of Business, with a concentration in new venture and real estate finance. He also earned a bachelor’s of arts degree in economics from DePauw University.

About Trinitas Ventures, LLC

Trinitas Ventures is a premier developer, owner and manager of high quality commercial real estate, specializing in student housing and mixed-use communities, including properties in West Lafayette, Indianapolis, and Bloomington, Indiana, as well as Champaign, Illinois. Trinitas is a fully integrated real estate firm with expertise in market analysis and identification; site selection and acquisition; property acquisition and due diligence; project planning, design, and financing; and development, construction, property management, and leasing. The privately-held real estate development company is headquartered in West Lafayette, Indiana.

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