PGIM Real Estate Provides $53.5 Million Refinancing for Theory U District Student Housing Complex in Seattle

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 students attending the University of Washington, the seven-story property offers 171 fully furnished units totaling 441 beds. Units are offered in studio, one-, two-, three-, four- and five-bedroom configurations and feature bed-to-bath parity. 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. Shared amenities at the community include a large boardroom with co-working space; private study labs with interactive displays; collaboration space; fitness center; dog spa; open air rooftop deck with grilling, eating and gaming areas; and reserved parking.