Lenders led by Morgan Stanley have provided $363.7 million of floating-rate financing against a portfolio of six apartment properties with 1,529 units in six states.
The loan, which has a term of up to five years, was arranged by CBRE Capital Markets' debt and structured finance team. Pieces were syndicated among New York Life Insurance Co. and Metropolitan Life Insurance Co.
The properties in the portfolio were developed over the past couple of years by a venture led by Mill Creek Residential Trust, a Dallas apartment developer founded six years ago by former executives of Trammell Crow Residential. Rockwood Capital is an investor in the venture.
The properties are:
- Modera Glendale, with 235 units at 610 North Central Ave. in the Los Angeles suburb of Glendale, Calif.;
- Modera Lofts, with 366 units at 350 Warren St. in Jersey City, N.J.;
- Modera Douglas, with 262 units at 3760 Bird Road in Miami;
- Modera Mosaic, with 251 units at 2920 District Ave. in the Washington, D.C., suburb of Merrifield, Va.;
- Modera Natick Center, with 150 units at 82 North Main St. in Natick, Mass., and
- Modera Flats, with 265 units at 1755 Wyndale St. in Houston.
Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.
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