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SEATTLE — PGIM Real Estate has provided a $53.5 million floating-rate loan to Blue Vista Capital Management for the refinancing of Theory U District, a student housing community in Seattle.
Serving the students at University of Washington, the seven-story property features 171 units totaling 441 beds.
Loan proceeds will be used to refinance the construction loan, covering closing costs and repatriating sponsor equity.
Craig Foreman of PGIM Real Estate closed the financing.