Dealmaker: CBRE Arranges $364M for Six Multifamily Property Portfolio

CBRE, Los Angeles, arranged $363.7 million to refinance the Modera Portfolio of six newly constructed multifamily properties in California, Florida, Massachusetts, New Jersey, Texas and Virginia.

The Modera Portfolio totals 1,529 apartment units.

CBRE Senior Vice President Jesse Weber and Vice Chairman Andrew Behrens secured the five-year interest-only loan for Mill Creek Fund I, a joint venture between Rockwood Capital LLC, New York, and Mill Creek Residential Trust, Dallas. Morgan Stanley, New York, originated the floating-rate loan and syndicated it to New York Life and Met Life, New York, among others.

The six refinanced Class A properties include Modera Glendale, Modera Lofts, Modera Douglas Station, Modera Mosaic, Modera Natick Center and Modera Flats.

Modera Glendale in Glendale, Calif., has 235 units 12 miles north of downtown Los Angeles.

Modera Lofts in Jersey City, N.J. is a 366-unit mid-rise community converted from an eight-story industrial building built in the early 1900s. It sits in Jersey City’s Powerhouse Arts District across the Hudson River from lower Manhattan.

Modera Douglas Station Coral in Miami’s Gables neighborhood is a 262-unit eight-story single building that wraps around a resort-style pool.

Modera Mosaic in Fairfax, Va. is a 251-unit mixed-use development in the city’s Mosaic District 13 miles west of Washington, D.C.

Modera Natick Center’s 150 units occupy a 6.4-acre site in Natick, Mass., 16 miles west of downtown Boston.

Modera Flats, a 265-unit community, sits on 2.4 acres in Houston near the Texas Medical Center.