News release

$50.1M in financing secured for Maryland multi-housing property

JLL Capital Markets arranged the acquisition financing for the 288-unit Plaza Towers in Hyattsville, MD

December 09, 2021

Jenna Sharp

Capital Markets PR
+1 214 438 6450

WASHINGTON, D.C., Dec. 9, 2021 – 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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.


About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Jair Lynch Real Estate Partners

Jair Lynch Real Estate Partners is a leading real estate investment and development firm in the Mid-Atlantic market that specializes in the thoughtful transformation of walkable urban places. Founded in 1998, Jair Lynch has acquired, developed, and operated a portfolio of residential, commercial and neighborhood assets that contribute to the company’s mission of creating extraordinary places. The firm has developed over 6.3 million square feet of real estate projects, currently has $1.8 billion of assets under management, and has a controlled pipeline of 2.7 million square feet valued at more than $1 billion. Visit www.jairlynch.com to learn more.