Blue Vista Lands $54M Refi for Seattle Student Community

Blue Vista Capital Management has obtained $53.5 million in refinancing for Theory U District, a 171-unit, 441-bed student housing community in Seattle. PGIM Real Estate provided the floating rate loan on behalf of its core plus investment strategy.

PeakMade Real Estate is an additional owner of the seven-story building, according to Yardi Matrix. The duo broke ground on the property in February 2021 using funds from a $55.9 million construction note originated by BOK Financial.

PGIM Real Estate Executive Director Craig Foreman led the team that arranged the deal. The new loan will be used to refinance the previous one, cover closing costs and repatriate sponsor equity.

The news comes on the heels of Blue Vista and PeakMade’s opening the second and final phase of Theory Gainesville in Gainesville Fla. The community now features 298 units and 861 beds.

Within walking distance of University of Washington

Located at 4759 15th Ave. N.E., the property is within walking distance of the University of Washington’s campus and close to a host of dining and retail options, including the University Village shopping center. Downtown Seattle is less than 5 miles away.

The 2022-completed community encompasses studio and one- to five-bedroom floorplans, ranging between 344 and 1,443 square feet. The fully furnished apartments feature washers, dryers and private balconies or patios in select units.

Common-area amenities include a clubhouse, business center, fitness center, coffer bar, rooftop deck with grilling and game area, as well as multiple levels of garden and green spaces. Additionally, the building has a boardroom for coworking and group projects, study labs and collaborative space, a fitness center and 60 parking spaces.