F inancial D igest F eaturing T he L enders D irectory
M id A tlantic Real Estate Journal — November 2023 — 13A
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$63 Million refinancing secured for Washington, DC student housing community JLL Capital Markets arranges financing for the 244-unit / 910-bed Vie Towers in Hyattsville, MD and creative space.
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YATTSVILLE, MD — JLL has arranged the $63 million refi -
minority developers and inves- tors,” said Michael Berman , CEO of M&T RCC. City First Bank serves many minority-owned developers and investors in multifamily housing who historically have been underserved and under- represented in the local real estate markets. The demand is high for multifamily affordable housing and creating pathways for additional financing chan - nels, through a lending partner like M&T RCC, supports more affordable housing develop- ment and retention. M&T is committed to serving minority developers, investors, and com- munities and looks forward to partnering with City First to create greater access to both agency lending and affordable housing nationwide. MAREJ Vie Towers is located at 6515 Belcrest Rd. Via the property’s private shuttle, residents are a short com- mute to University of Mary - land and a 16-minute com- mute to Howard University. The JLL Capital Markets Debt Advisory team was led by senior managing direc- tor 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 Opal - ka. “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. MAREJ
nancing for Vie Towers, a ful- ly 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 . HI-LIGHTS NOVEMBER 2023
SPOTLIGHTS
and in-unit washers and dryers. The property’s in- demand student amenities include a rooftop pool deck Vie Towers
The fully furnished units also feature bed-bath par- ity, spacious floorplans, up - graded kitchen appliances
and social lounge, an indoor social lounge, a state-of-the- art fitness center and and a fully equipped co-working
M&T & City First Bank forge partnership to expand access to affordable housing financ ing
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First Bank is the largest Black- led Minority Depository Insti - tution in the U.S. with over $1.2 billion in assets as of June 30, 2023. Backed by 75 years of experience, City First Bank offers a variety of commercial real estate loan products that support investments in afford- able housing within and for low-to-moderate income urban neighborhoods. In 2022, City First bank provided $173 mil - lion in new multifamily afford- able housing loans to preserve or create 1,463 units. Addition - ally, in 2022, City First Bank provided $61 million in new loans to 19 African American- owned or -led organizations. “The ability to provide excel- lence in products and services, especially for the minority developers and investors of
multifamily residential prop- erties we serve matters,” said Brian Argrett , CEO of City First Bank. He continued “This partnership with M&T Realty Capital Corporation expands lending options and access for the customers of City First Bank.” M&T has an existing rela - tionship with City First and is pleased to have the opportunity to serve their borrowers too. “We are very excited to enhance our relationship with City First by providing liquidity and fi - nancial solutions to their work- force and affordable housing customers. City First is deeply engaged in the affordable hous- ing community and the ability to provide Fannie Mae, Freddie Mac and FHA lending will fur - ther their capability to support
BALTIMORE, MD — M&T Realty Capital Corpora- tion (M&T RCC) and City
First Bank have entered a correspon- dent relation- ship that will provide City First borrow - ers with ac- cess to M&T RCC’s Fannie
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Michael Berman
Mae DUS, Freddie Mac Optigo and FHA lending capabilities for conventional and affordable multifamily loans. The partnership with M&T RCC enables City First Bank to further their capacity to serve multifamily affordable housing investor and developer clients by offering additional competi- tive products and terms. City
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