TODAY’S DEALS: HFF Arranges $27.12M Construction Loan for To-Be-Built Student Housing Property in Alabama, and Other Transactions
By Anuradha Kher, Online News Editor
October 08, 2009 – Tuscaloosa, Ala.–HFF (Holliday Fenoglio Fowler L.P.) recently arranged a $27.12 million construction loan for Sterling Crimson Apartments, a student housing community near the University of Alabama in Tuscaloosa, Ala.
HFF worked on behalf of the borrower, The Dinerstein Cos., to secure the construction loan through a regional bank.
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-in. 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.
Grubb & Ellis|BRE Commercial Facilitates $6.7M Sale of 51-Unit Condo Property
La Mesa, Calif.–Grubb & Ellis|BRE Commercial has arranged the sale of Stoneridge by the Lake Condominiums in La Mesa, Calif. sold for $6.7-million.
The property, located at 5707 Baltimore Dr., features 47,705 rentable sq. ft., including 42 of the 51 total condominium units in the complex.
A large international bank that was also the original lender on the conversion sold the fractured condominium project. The undisclosed buyer was represented by Diane Miramontes, Darcy Miramontes, Hunter Combs and Kip Malo of Grubb & Ellis|BRE Commercial.
The Stoneridge by the Lake Condominiums sale included 15 two-bedroom/2.5-bathroom townhomes ranging from approximately 1,110 to 1,135 sq. ft. and 27 two-bedroom/two-bathroom flats ranging from approximately 1,080 to 1,198 sq. ft.
Built in the late 1970s, Stoneridge by the Lake includes a total of five buildings on 2.24 acres of land.
The units were renovated in 2006 and 2007 and feature condominium quality finishes such as granite countertops and ceramic tile flooring. The two-bedroom flats feature fireplaces, while all units have washer and dryer hookups and spacious kitchens equipped with stainless steel appliances. Community amenities include a swimming pool, spa and clubhouse.
