SAN BERNARDINO, CALIF. – The Glen at University Park, a 520-bed student housing development near California State University, San Bernardino, has received a $40.8-million construction loan. The new development will be located at the northwest corner of University Parkway and West Northpark Boulevard, directly across from the university.
Community amenities will include a 7,000-square-foot recreational building with a fitness center, community lounge, media/gaming areas, a business center and study rooms. Outdoor amenities include a resort-style swimming pool, outdoor kitchen, barbecue area and open green space.
The Glen at University Park is the final phase of the 132-acre University Park master-planned community, which commenced construction in 2003. It includes a mix of residential and student housing, public park space and retail options. The new student housing complex is scheduled for completion next September.
The development is a joint venture between University Park Promenade & Shops and Capstone Development Partners. University Park Promenade & Shops is an affiliate of J.R. Watson & Associates. The Glen at University Park is being built by Bowlus Pacific.
The three-year, floating-rate loan was arranged by HFF’s Adam Herrin and Charles Halladay. It was placed with Bank of the Ozarks.