JLL Capital Markets announced that it has arranged the $63 million refinancing for Vie Towers, a fully occupied, luxury, student-housing community located within the Washington, D.C. metro in Hyattsville, Maryland.
Built in 2006 and renovated in 2019, Vie Towers offers two-, three- and four-bedroom units, averaging 1,229 square feet. 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 yoga studio and a fully equipped co-working and creative space.
Via the property’s private shuttle, residents are just a four-minute commute to University of Maryland and a 16-minute commute to Howard University. Additionally, the property is just a 25-minute drive to downtown D.C. Residents also have access to nearby shopping and dining at the Mall at Prince George’s.
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.
JLL worked on behalf of the borrower, Safanad and Vie Management, to secure the three-year, floating rate loan through Värde Partners.
