WASHINGTON, DC - JLL Capital Markets announced today that it has arranged $50.1 million in acquisition financing for Plaza Towers, a 288-unit, high-rise, value-add apartment community located in Hyattsville, Maryland.
JLL worked on behalf of the borrower, Jair Lynch Real Estate Partners, to secure the three-year, floating-rate, non-recourse loan.
Partially renovated in 2019 and 2020, Plaza Towers consists of spacious, well-maintained studio, one-, two- and three-bedroom units averaging at 826 square feet. The property features select units with abundant closet space, dishwashers, built-in microwaves, wall-to-wall carpeting, plank vinyl flooring, private balconies or patios, granite countertops and stainless-steel appliances. Community amenities include updated landscaping, an outdoor pool with expansive tanning deck, a laundry facility with resident lounge and clubroom, a fitness center, a new business center with computer stations, a playground, grilling and picnic areas and a bike storage room.
Located at 6700 Belcrest Rd., the property is strategically situated within walking distance to the Prince George’s Plaza METRO Station on the Green Line connecting residents to nearby College Park and downtown Washington, D.C. The area surrounding the METRO station has been designated as one of eight Regional Transit Districts envisioned as a high-profile community. Several nearby major interstate routes such as I-495, I-95 and I-295 (Baltimore-Washington Parkway) and US Rt. 1 provide convenient access throughout the Washington-Baltimore corridor. The planned Purple Line Station is just one mile north of the property, which stretches from New Carrollton to Bethesda and stops in College Park and Downtown Silver Spring. The community is also proximate to The Mall at Prince George’s, as well as downtown Washington, D.C., 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 Director Chris Hew, Director Amit Kakar and Analyst Carter Wroblewski.
“Congratulations to the Jair Lynch team on the acquisition of Plaza Towers,” said Leachman. “Jair Lynch’s continued leadership in the attainable housing space as well as the abundance of capital chasing quality lending opportunities garnered multiple term sheets through the strategic marketing process.”