Updated Dec 4, 2024
Theory U District's Bridge Loan Secured By Blue Vista Capital Management With PGIM
4759 15th Avenue Northeast
$53,500,000
Units
177
Asset Type
Student Housing
Closing
Apr 10, 2024
About this deal
AI
The owner of Theory U District, a recently completed student housing building in Seattle's University District, secured a $53.5 million floating refinancing loan facilitated by PGIM Real Estate, with Blue Vista Capital Management of Chicago as the recipient. The property, located at 4759 15th Avenue Northeast in Seattle, WA, consists of 177 units designed for student living.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $53,500,000
- Address: 4759 15th Avenue Northeast
- Market: Seattle, WA
- Lender: PGIM Real Estate
- Landlord: Blue Vista Capital Management
- Loan Type: Bridge
PGIM Real Estate acted as the lender in the transaction, providing the $53.5 million bridge loan for the refinancing. Blue Vista Capital Management, based in Chicago, served as the landlord for the student housing building in Seattle's University District.
On the Map
$53,500,000
Student Housing
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93