Baton Rouge, La. — Sterling University Housing, the student housing division of Houston-based The Dinerstein Companies, has sold a student housing community in Baton Rouge. Sterling Northgate is a 98-unit, 348-bed community located within walking distance of Louisiana State University.
Constructed in 2006, the property also features a rooftop resort-style pool, a fitness center, a study lounge, a cyber café and a tanning salon. Occupancy was 99.7 percent at the time of closing. The buyer was Sausalito, Calif.-based Shore to Shore Properties. Chris Epp and Chris Bancroft of ARA's National Student Housing group represented Dinerstein. Assistance was provided by Matt Heininger of ARA's Louisiana office.
Grandbridge Real Estate Capital originated an approximately $16 million loan under the Fannie Mae DUS program to finance the purchase. The loan, which was originated by Eli Gershenson of Grandbridge's Dallas office, carries an interest rate in the low 5-percent range, a 10-year term and a 30-year amortization schedule.