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AIG Refinances New Student Housing for $56M

SAN DIEGO-The property, once a 40-year-old apartment complex, has been redeveloped into a luxury dorm for San Diego State University students.

By Robert Carr | Updated on January 27, 2012

SAN DIEGO-New York City-based AIG Global Real Estate Investment Corp. has acquired a $56 million refinancing loan for the 260-unit Sterling Collwood student housing community here. Houston-based Dinerstein Cos. removed a former apartment complex in 2010, built a new complex and sold the property to AIG last year.

HFF placed a seven-year, 4.57% fixed-rate loan on the property through M&T, a refinance of Dinerstein’s construction loan. Dinerstein had purchased the former 163-unit Collwood Pines Apartments, a vacant property that was built in the 1970s on Collwood Boulevard, for $25.6 million in August 2008.

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