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TUSCALOOSA, AL-Even with construction financing almost non-existent in today’s market, Dinerstein Cos. of Houston was able to snag a $27.1-million loan to develop its 316-unit Sterling Crimson Apartments, which will serve the University of Alabama. The Houston-based developer will break ground on the project in March 2010, with completion anticipated for August, 2011.

Dinerstein Cos. found the funds through a regional bank and according to Holliday Fenoglio Fowler LP associate director Cameron Cureton, the stars aligned on this particular deal. “This was a great lender to work with and Dinerstein is an amazing developer and operator,” says Cureton, who arranged the financing. “This was a very smooth process, once it was set up.” The three-year, fixed-rate loan has two one-year extensions and a 5.75% interest rate.

Cureton tells GlobeSt.com that Sterling Crimson Apartments will be the closest student housing complex of its size and recent construction near the campus. Located on close to 15 acres at the intersection of 10th Avenue and 14th Street, the asset will offer one-, two-, three- and four-bedroom units for a total of 700 beds.

Cureton says that Dinerstein Cos. has developed in Alabama before, and would like to be more proactive in the state. “But they couldn’t make anything work until they were able to get this land at a great deal, and could start the project,” he adds.

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