Hyattsville, MD — JLL has arranged the $63 million refinancing for Vie Towers, a fully occupied, luxury, student-housing community located within the Washington, DC metro in Hyattsville.
The high-rise building serves students of both Howard University and the University of Maryland.
JLL worked on behalf of the borrower, Safanad and Vie Management, to secure the three-year, floating rate loan through Värde Partners.
The fully furnished units also feature bed-bath parity, spacious floorplans, upgraded kitchen appliances and in-unit washers and dryers. The property’s in-demand student amenities include a rooftop pool deck and social lounge, an indoor social lounge, a state-of-the-art fitness center and a fully equipped co-working and creative space.
Vie Towers is located at 6515 Belcrest Rd. Via the property’s private shuttle, residents are a short commute to University of Maryland and a 16-minute commute to Howard University.
The JLL Capital Markets Debt Advisory team was led by senior managing director Doug Opalka, senior director Dan Kearns and directors Jayme Nelson and Owen Claypool.
“Our team is proud to have brought together this great combination of the lender, Varde, and the sponsorship, Safanad and Vie,” said Opalka. “Safanad and Vie have done an excellent job with this asset to bring it to where it is today, and this loan gives them the fuel to continue this value creation.”
“Värde was pleased to support Safanad and Vie in refinancing this attractive property in the high-demand student housing sector as we continue to provide flexible financing solutions for strong borrowers,” said Jim Dunbar, partner and head of real estate lending at Värde.