SAN DIEGO, CA – HFF announced today that it has secured a $56 million refinancing for Sterling Collwood (top centered photo), a 260-unit, Class AA student housing community near San Diego State University (SDSU) (top right photo) in San Diego, California.
Working exclusively on behalf of AIG Global Real Estate Investment Corp., HFF placed the seven- year, 4.57 percent fixed-rate loan with M&T (FNMA). Loan proceeds are refinancing an existing construction loan.
Completed in 2010, Sterling Collwood has three residential buildings with studio, two- and four-bedroom furnished and unfurnished units averaging just over 1,400 square feet each.
The property is the first “LEED-Gold certified asset” in San Diego and is one of the newest and only major developments built in the immediate college area in the past 20 years.
Community amenities include a resort-style pool, fitness center, on-site bicycle storage and shuttle service to and from SDSU. The 99 percent leased property is situated on nearly seven acres at 4249 and 4949 Collwood Boulevard less than one mile from campus.
The HFF team representing the borrower was led by managing director Matthew Schoenfeldt (middle left photo) and associate directors Zach Koucos (lower right photo) and Zack Holderman (lower left photo) “Demand for off campus housing is about 15,000 units more than what the local area is currently providing, thus positioning Sterling Collwood for long-term success,” said Koucos.
AIG Global Real Estate Investment Corp. is a wholly owned subsidiary of AIG, Inc
Contacts:
MATTHEW SCHOENFELDT ZACHARY KOUCOS
HFF Managing Director HFF Associate Director
(312) 528-3650 (858) 812-2351
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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