JV Lands $156M Financing for VA Property
- Nov 01, 2018
A joint venture between Mill Creek Residential Trust and institutional investors advised by J.P. Morgan Asset Management has secured $156.2 million in financing for Modera Avenir Place, a Class A multifamily community in Vienna, Va. HFF arranged the floating-rate loan through MetLife Investment Management, on behalf of the owner. Proceeds will be used to retire existing construction financing.
Located at 2677 Avenir Place, the community is a grocery-anchored mixed-use development that was built in two phases between 2013 and 2015. Modera Avenir Place comprises 628 studio, one- and two-bedroom units, ranging from 587 to 1,085 square feet. Interior features include gourmet-inspired kitchens, quartz countertops, high-end light fixtures, storage, stainless steel appliances, central air and heat and hardwood-style flooring. Common area amenities include:
- two swimming pools
- sun decks
- grilling stations
- billiards and gaming consoles
- business center
- cyber cafe
- ground-floor Harris Teeter
- Inova Care Center
- Thai by Thai restaurant
Modera Avenir Place is situated at the intersection of Prosperity Avenue and Gallows Road, adjacent to the Shops at Avenir Place and Interstate 66. The transit-oriented community is also adjacent to the Dunn Loring-Merrifield Metrorail station and numerous thoroughfares with convenient access to the Washington, D.C. area.
The HFF team included Director Nicole Brickhouse, Senior Directors Jamie Leachman, Jennifer Keller and Brian Crivella, Executive Managing Director Mike Tepedino, Senior Managing Director Sue Carras and Managing Director Walter Coker.
“The asset was very well received by lenders given its TOD location, high-end quality, mixed-use nature, and strong sponsorship,” Brickhouse told Multi-Housing News. “MetLife was able to provide very competitive financing for the Borrower and offer a short-term, floating-rate loan providing the Borrower maximum flexibility.”
Image courtesy of HFF