SAN DIEGO, CA – HFF announced today that it has secured a $56 million refinancing for Sterling Collwood, a 260-unit, Class AA student housing community near San Diego State University (SDSU) 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 and associate directors Zach Koucos and Zack Holderman.
“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.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 20 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com