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A popular student housing tower is being refinanced in Chicago.
A joint venture between Blue Vista and Bain Capital Real Estate, an equity investment arm of Bain Capital, has secured a $45 million loan to refinance Vue53, a 267-unit luxury student housing property near University of Chicago.
Argentic Investment Management provided the financing through a fund managed by the firm. A JLL Capital Markets debt advisory team of Brian Walsh, Dan Kearns, Tara Hagerty, and Dave Hunter.
“We appreciate the high-quality debt options JLL sourced for Vue53, and we’re very happy to be working with Argentic,” said Brandon Honey, senior vice president of Capital Markets at Blue Vista, in a statement.
Located at 1330 East 53rd Street in the Hyde Park neighborhood of Chicago, Vue53 is roughly a 20-minute walk from the University of Chicago campus. The building includes floor-to-ceiling windows for all of its studio, one-bedroom and two-bedroom units, which can fit 403 beds across 267 units.
The building includes in-unit washers and dryers, bike storage, a business center, study lounges, a fitness center, and a club room with pool tables and a sun deck. The building is staffed by a 24-hour doorman and features both on-site parking and nearly 28,000 square feet of ground-floor retail occupied by Target and Starbucks.
The 13-story building opened in 2016. Monthly rents range from $1,375 to $2,878, according to the Vue53 website.
Brian Pascus can be reached at bpascus@commercialobserver.com
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