News Outside the Region: Weber and Behrens of CBRE Capital Markets facilitate $363.7 million to refinance 1,529-unit Modera Portfoilo

Los Angeles, CA 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, 12 miles north of downtown.

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 a neighborhood in Fairfax County with 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, 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 bathrooms. Most units feature private outdoor balconies. This complex is in one of the best locations in Houston, located within the Texas Medical Center (TMC).