$63M refinancing secured for D.C. student housing community

AUSTIN & CHICAGO, Oct. 23, 2023 – JLL announced today 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.

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.

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.

Vie Towers is located at 6515 Belcrest Rd. 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’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Founded in 2009, Safanad is a global holding company that invests in the real estate, education, healthcare, and digital infrastructure sectors. From offices in New York and Dubai, the firm’s c. 40 professionals have completed more than 40 transactions totaling $10+ billion. For more information, please visit www.safanad.com

Vie Management is a vertically integrated real estate investment and management firm, overseeing a diverse portfolio of student housing and multifamily communities across the United States. Vie is an experienced operator and turn-around specialist, having owned and managed over 40,000 beds in various markets since inception.

Our dedicated professionals hold a steadfast belief in our core mission: to create engaging and inspiring living experiences for all of our residents. We promote and foster an environment centered on wellness and personal growth. As a result, we have created communities with a consistent track record of success and value-creation for residents and investors alike.

Our communities feature premium services such as our state-of-the-art Vie Fit Fitness Centers as well as comfortable coworking and creative lounges, all thoughtfully designed to enhance resident enjoyment and spark creativity in a vibrant and inspiring environment. For more information and reservations, visit viemgmt.com or follow us on Instagram, Twitter and Facebook @VieMgmt.

Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested more than $100 billion across the credit quality and liquidity spectrum in both public and private markets. Värde currently manages $13 billion in assets with teams in North America, Europe, and Asia Pacific focused on Corporate & Traded Credit, Real Estate, and Financial Services & Diversified Private Credit.