Trinitas Announces Completion of Key 2010 Financing Activities

WEST LAFAYETTE, Ind., Jan. 18, 2011 /PRNewswire/ -- 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.

SOURCE Trinitas