JLL Capital Markets Secures $ 50.1 Million Funding for the Acquisition of 288 Unit Plaza Towers Apartment Building in Hyattsville, MD
WASHINGTON, DC – JLL Capital Markets today announced it has completed $ 50.1 million acquisition financing for Plaza Towers, a 288 unit high-rise, value-added apartment community located in Hyattsville , in Maryland.
JLL worked for the borrower, Jair Lynch Real Estate Partners, to secure the three-year non-recourse variable rate loan.
Partially renovated in 2019 and 2020, Plaza Towers consists of spacious and well-maintained studios, one, two and three bedroom units averaging 826 square feet. The property features select units with ample closet space, dishwashers, built-in microwaves, carpeted floors, vinyl floors, private balconies or patios, granite counters, and stainless steel appliances. Community amenities include updated landscaping, outdoor pool with expansive sunbathing terrace, laundry room with lounge and residents’ club room, fitness center, new business center with computer stations, a playground, barbecue and picnic areas and a bicycle storage room.
Located at 6700 Belcrest Rd., The property is strategically located within walking distance of Prince George’s Plaza subway station on the Green Line connecting residents to College Park and downtown Washington, DC The area surrounding the subway station was designated as one of the eight Regional Transit Districts envisioned as a high level community. Several nearby major interstate highways such as I-495, I-95 and I-295 (Baltimore-Washington Parkway) and US Rt. 1 provide convenient access to the entire Washington-Baltimore corridor. The planned Purple Line station is just a mile north of the property, which runs from New Carrollton to Bethesda and stops at College Park and downtown Silver Spring. The community is also close to the Mall at Prince George’s, as well as downtown Washington, DC, the University of Maryland College Park, National Harbor, and several federal employment agencies.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Jamie Leachman, Senior Managing Director Chris Hew, Managing Director Amit Kakar and Analyst Carter Wroblewski.
“Congratulations to the Jair Lynch team on acquiring Plaza Towers,” said Leachman. “Jair Lynch’s continued leadership in accessible housing as well as the abundance of capital to research quality lending opportunities has resulted in multiple term sheets collected throughout the strategic marketing process. “