April 21, 2017
CBRE Capital Markets’ debt and structured finance team arranged $363.7 million for the refinancing of The Modera Portfolio. Comprised of six newly-constructed multifamily properties, the assets total 1,529 units and are located in six states.
CBRE’s Jesse Weber and Andrew Behrens secured the five-year, interest-only, floating-rate loan on behalf of Mill Creek Fund I, a joint venture between New York-based Rockwood Capital, LLC and Dallas-based Mill Creek Residential Trust. The loan was originated by Morgan Stanley with a syndicate including NY Life and Met Life.
The properties included:
- Modera Glendale, 235 units at 610 North Central Ave. in Glendale, CA
- Modera Lofts, 366 units at 350 Warren St. in Jersey City, NJ
- Modera Douglas Station, 262 units at 3760 Bird Rd. in Miami
- Modera Mosaic (pictured), 251 units at 2920 District Ave. in Merrifield, VA
- Modera Natick Center, 150 units at 82 North Main St. in Natick, MA
- Modera Flats, 265 units at 1755 Wyndale St. in Houston
For comments, questions or concerns, please contact Dennis Kaiser