CHICAGO, IL – HFF announced today that it has closed the sale of two nonperforming loans secured by Boardwalk at Brittain Landing (top left photo) and Boardwalk at Dewberry Landing (lower right photo), student housing communities at the University of Alabama and The University of Southern Mississippi.
The combined principal balance was approximately $33,400,000 at the time of closing.
Boardwalk at Brittain Landing is located at 5501 Old Montgomery Highway near the University of Alabama in Tuscaloosa and Boardwalk at Dewberry Landing is located at 22 Campbell Drive in Hattiesburg near the University of Southern Mississippi.
Both properties were completed in 2008 and feature 150 four-bedroom/four-bath units or 600 beds. Brittain is 89 percent leased and Dewberry is 91 percent leased.
Community amenities at each property include a resort-style swimming pool, tanning capsule, steam room, dry heat sauna, study center and clubhouse with game room.
The Brittain property also offers a shuttle service to campus and downtown.
The HFF team representing the seller was led by managing director Brian Kelly and director Jaret Turkell.
Contacts:
BRIAN KELLY
HFF Managing Director
(312) 528-3650
JARET TURKELL
HFF Director
(305) 448-1333
KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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