TUSCALOOSA, AL-Developer Ellis-Trick Multifamily obtained a $19.6 million loan for its newly constructed Bluff at Waterworks Landing. The loan will be used to refinance construction debt on the 162-unit, 308-bed student housing property, which serves the University of Alabama.
The Bluff at Waterworks Landing is located less than one mile from campus at 534 7th Ave. Northeast, near the intersection of Jack Warner Parkway Northeast and McFarland Boulevard East. The property is 99.7% occupied and was built in three phases between 2008 and 2011. The student housing complex is situated on 10 acres alongside the Black Warrior River. Community amenities include an infinity pool, fitness center, tanning beds, business center and media room.
HFF placed the 10-year, 3.77% fixed-rate loan through the Federal Home Loan Mortgage Corp.’s (Freddie Mac) CME Program. The loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. The HFF team representing the borrower was led by associate director Adam Herrin. Representatives involved in the transaction were not immediately available for comment; an update will follow.