$165M Secured for New Los Angeles Community
- Sep 20, 2019
Mill Creek Residential has secured a $165 million loan for its Los Angeles community, Modera West LA. The company recently completed the 376-unit residential property, located in the Culver City area. Square Mile Capital Management LLC originated the loan and financing was arranged on behalf of the borrower by a JLL team led by Kevin MacKenzie, John Chun and Nick Lench.
The community, which is currently 62 percent leased, features resident amenities including a swimming pool, dog run and grooming facility, rooftop deck and valet dry cleaning. Apartments at the property feature balconies, walk-in closets, in-unit washers and dryers and wine fridges. Units average 854 square feet in size, per Yardi Matrix data.
Modera West LA is situated on the western edge of Los Angeles and is close to several notable destinations, including the Howard Hughes Center, a retail center with more than 156 stores and restaurants. The Greater Culver City area is often referred to as “Silicon Beach,” due to the area’s rapidly growing tech scene, which houses offices of major tech firms including Amazon, Apple, Google and Facebook.
Growing its footprint
Mill Creek Residential has had a prolific year, breaking ground on a slew of residential communities across the country and completing several others. The firm has a nationwide portfolio of 75 communities operating or under construction as of June, according to the firm. Earlier this month, the company announced it had broken ground on two Modera-branded apartment communities totaling 526 units in Florida and California.