Ann Arbor, Mich. — Trinitas Ventures is set to break ground on The One, a 682-bed community located near the University of Michigan campus in Ann Arbor. The development will offer one-, two-, three-, four- and five-bedroom, cottage-style units. Shared amenities will include an indoor/outdoor fitness center, a business center, game room, resort-style swimming pool, fire pit, private study lounges, basketball and volleyball courts and a shuttle service to campus. A Trinitas-managed investment entity has provided equity financing for the project, and PNC Bank is providing construction financing. A timeline …
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Equity financing has been provided by a JV between Trinitas and HSRE.
The Trinitas-owned project had its construction loan converted to a $25 million permanent mortgage.
The joint venture has also purchased two Indiana student housing communities for $69 million.