HFF arranges $27.12M construction loan for to-be-built student housing project near University of Alabama

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $27.12 million construction loan for Sterling Crimson Apartments, a student housing community near the University of Alabama (top right photo)  in Tuscaloosa, Alabama.

HFF associate director Cameron Cureton (bottom left photo) worked on behalf of the borrower, The Dinerstein Companies, to secure the construction loan through a regional bank. T

he Dinerstein Companies is a coast-to-coast full-service real estate and development company with a 50-year legacy of quality and success. Family-owned and operated for three generations, the company prides itself on a long-term commitment to quality.

Upon completion in August 2011, the Sterling Crimson Apartments will have 316 one-, two-, three- and four-bedroom units totaling 700 beds. Each bedroom will have a full bathroom and unit interiors will feature washers and dryers, full kitchens, internet, cable and a 42” plasma television wall mounted in every living room.

The clubhouse will include an internet café with a coffee bar, a fitness center with a separate spinning room, a tanning salon and a resort-style pool with a grilling area. The property is located at the corner of 10th Avenue and 14th Street on the southwestern edge of The University of Alabama campus in Tuscaloosa.

“Student housing remains one of the bright spots in the industry and continues to receive construction financing albeit challenging. Reports from the NMHC are showing enrollment is up at universities across the country and the demand for student-housing has not decreased, despite the downturn in the economy,” said Cureton.

Contacts:

Cameron Cureton, HFF Associate Director, (713) 852-3500, ccureton@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing,  (713) 852-3500, krmurphy@hfflp.com