HFF ARRANGES $44M CONSTRUCTION FINANCING FOR STUDENT HOUSING DEVELOPMENT

MINNEAPOLIS — HFF has arranged $44 million in construction financing and joint venture equity for Metro Park East, a 194-unit, 551-bed, campus-adjacent student housing development at the University of Minnesota – Twin Cities in Minneapolis. Adam Herrin of HFF worked on behalf of the developer, Fountain Residential Partners LLC, to secure a $29.5 million construction loan through American Bank of Texas. In addition, HFF assisted in securing $11.56 million in joint venture equity with an institutional capital partner. Metro Park East is located at 2635 SE. 4th St. in the Stadium Village neighborhood directly adjacent to the East Bank campus of the university. Due for completion for fall semester 2014 occupancy, the project will be built to LEED Silver standards and will include one-, two-, three- and four-bedroom apartment units.