Modera Portfolio Lands $364M Refinancing
A CBRE Capital Markets team assisted the owner in securing the five-year loan. Morgan Stanley originated the financing measure for the acquisition.
CBRE Capital Markets’ Debt & Structured Finance team has secured a $363.7 million loan for the refinancing of The Modera Portfolio. The Class A, 1,529-unit portfolio consists of six newly developed multifamily properties located in California, Florida, Massachusetts, New Jersey, Texas and Virginia.
Senior Vice President Jesse Weber and Vice Chairman Andrew Behrens of CBRE’s San Francisco office arranged the five-year, interest-only, floating-rate mortgage. Morgan Stanley provided the loan, with a syndicate including NY Life and Met Life. CBRE’s team worked on behalf of owner Mill Creek Fund I, a joint venture between Rockwood Capital LLC and Mill Creek Residential Trust.
Modera Lofts is a 366-unit, mid-rise apartment community, converted in 2016 from an eight-story industrial building originally built in the 1900’s. Units feature open floor plans and 12.5-foot ceilings. The community is in the Powerhouse Arts District of Jersey City, directly across the Hudson River from Lower Manhattan, close to shopping, dining and art venues. Modera Flats is a 265-unit apartment community situated on a 4.2-acre site in Houston. Units feature gourmet kitchens and luxury bathrooms, while some units include private outdoor balconies. The complex is located within the Texas Medical Center (TMC).
Modera Douglas Station is a mid-rise, single residential building comprised of 262 units. The eight-story, LEED Silver apartment community boasts a resort-style pool. The complex sits across the street from the Douglas Station Metrorail stop and is located in Miami’s Coral Gables neighborhood. Modera Mosaic is a 251-unit mixed-use development in the Mosaic District of Merrifield, Va., located 13 miles west of Washington, D.C. The neighborhood offers dining, shopping and entertainment options.
Modera Glendale is a mid-rise luxury apartment community comprised of a single six-story, 235-unit building, with a resort-style pool. The complex is located approximately 12 miles north of Los Angeles, in Glendale, Calif. Modera Natick Center is a 150-unit community that consists of apartments and townhouses. The 150-unit complex is located on a 6.4-acre site in Natick, Mass., approximately 16 miles west of downtown Boston.
The Modera units were completed in 2016 and feature open floor plans, 9-foot ceilings, fully-equipped kitchens and in-unit washer/dryer.
Images courtesy of Yardi Matrix
