CBRE Capital Markets’ Debt & Structured Finance team has arranged $363.7 million for the refinancing of The Modera Portfolio, a 1,529-unit portfolio comprised of six newly constructed multifamily properties located in California, Florida, Massachusetts, New Jersey, Texas and Virginia.
Jesse Weber and Andrew Behrens of CBRE’s San Francisco office secured the five-year, interest-only, floating-rate loan on behalf of Mill Creek Fund I, a joint venture between Rockwood Capital, LLC and Mill Creek Residential Trust. The loan was originated by Morgan Stanley with a syndicate including NY Life and Met Life.
“The CBRE team provided best-in-class execution, working seamlessly with us from marketing through closing to structure an efficient refinancing package allowing us to capitalize on a premier residential apartment portfolio,” said David Streicher, Partner at Rockwood Capital.
Modera Glendale is a 235-unit, Class A+, mid-rise luxury apartment community. It’s comprised of a single six-story building that wraps around a resort-style pool. Unit features include open floorplans, 9’ ceilings, fully-equipped gourmet kitchens with stainless steel appliances and wood plank flooring, and an in-unit washer/dryer. The complex is located in the City of Glendale, approximately 12 miles north of downtown Los Angeles.
Modera Lofts is a 366-unit, Class A+, mid-rise apartment community, which was converted from an eight-story industrial building originally built in the early 1900s. Units feature open floorplans, 12’5” ceilings, fully-equipped gourmet kitchens with chef islands and quartz countertops, exposed brick and wood column beams, and an in-unit washer/dryer. Modera Lofts is located in Jersey City’s Powerhouse Arts District, close to shopping, dining, and art venues, and directly across the Hudson River from Lower Manhattan.
Modera Douglas Station is a 262-unit class A+, eight-story, LEED Silver, mid-rise apartment community comprised of a single residential building that wraps around a resort-style pool. Units feature 9’ ceilings, fully-equipped gourmet kitchen with granite countertops, walk-in closets, and an in-unit full-sized washer/dryer. The complex is located in the Coral Gables neighborhood of Miami, across the street from the Douglas Station Metrorail stop.
Modera Mosaic is a 251-unit mixed-use development located in the Mosaic District of Merrifield, Virginia. This is an upscale neighborhood in Fairfax County with ample dining, shopping, and entertainment options. Units feature 9’ ceilings, fully-equipped kitchens with high quality appliances and finishes, and an in-unit washer/dryer. The community is located 13 miles west of Washington, D.C.
Modera Natick Center is a 150-unit apartment community that sits on a 6.4-acre site and features a mix of apartments and townhouses. Units feature 9’ ceilings, fully-equipped kitchens, and an in-unit full-sized washer/dryer. The complex is located in Natick, Massachusetts, approximately 16 miles west of downtown Boston.
Modera Flats is a 265-unit apartment community, which sits on a 2.4-acre site. Units feature open floorplans, gourmet kitchens with high-end finishes, upgraded fixtures and luxury bathrooms. Most units feature private outdoor balconies. This complex is in one of the best locations in Houston, located within the world-renowned Texas Medical Center (TMC).
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Rockwood Capital
Rockwood Capital, LLC (Rockwood) is a real estate investment management firm founded in 1995 that provides equity capital combined with real estate operating expertise for the repositioning, recapitalization, development and redevelopment of residential, office, research and development, retail and hotel space in key markets throughout the United States. Rockwood and its principals have invested on behalf of their clients approximately $24.4 billion of real estate through ten value-add vehicles and eight separate accounts. Today, Rockwood is an 82-person organization with offices in New York, NY, San Francisco, CA, Los Angeles, CA, and Seoul, Korea that manages a portfolio of approximately $3.7 billion of net equity value in approximately $9.4 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices.
About Mill Creek Residential Trust
Mill Creek Residential develops, builds, acquires and operates high-quality apartment communities in desirable locations coast-to-coast. While they are a national company, they immerse themselves in their chosen markets – living and working in the communities where they operate. They combine their deep understanding of each market with 30+ years of expertise and a fresh innovative approach to the apartment industry, to build relationships and places in which people thrive – creating real and enduring value for their residents, investors and associates.
