Macerich JV Lands $95M Refi for Virginia Tower
- Nov 19, 2020
A joint venture of the Macerich Co. and the Alaska Permanent Fund Corp. has refinanced Tysons Vita, a 30-story, 429-unit luxury apartment tower in Tysons, Va., with a $95 million loan from New York Life Real Estate Investors.
The 10-year loan is interest only and has a fixed interest rate of 3.3 percent. It will provide incremental liquidity to Macerich of approximately $47 million, according to Macerich’s third-quarter earnings report.
The property was constructed in 2015 and also has 13,337 square feet of retail space. It is adjacent to Tysons Corner Center, one of the nation’s top retail destinations and also owned by Macerich and the Alaska Permanent Fund Corp.
The apartment community has immediate connectivity to the Tysons Corner Metro Station/Silver Line. Tysons Vita has studio, one-, two- and three bedroom units with features including Italian cabinetry, quartz countertops and high ceilings. Community amenities include a rooftop saltwater pool and Skylounge, an all-season outdoor terrace with grills, lounge area, sport lounge and terrace overlooking an elevated outdoor entertainment plaza which offers year-round events helping create a live-work- play experience.
Designed by Shalom Baranes Associates to achieve LEED Silver certification, the asset has numerous green energy features Energy Star appliances, eco-friendly carpeting, on-site recycling and electric vehicle charging stations. Tysons Vita completed Macerich’s mixed-use urban expansion program at Tysons Corner, which also included an 18-story, 300-key hotel and 22-story Tysons Tower office building.
Mark Young, senior director in New York Life Real Estate Investors’ Northeast regional office, said in a prepared statement the loan transaction benefits from the first-class ownership of Macerich and the Alaska Permanent Fund Corp., an excellent location adjacent to the Metro station and the mall and best in class amenities.