CBRE has arranged a $700 million loan for the refinancing of the Modera Portfolio; a nine-building collection of Class A+ multifamily assets located across the United States.
Andrew Behrens and Jesse Weber of CBRE Capital Markets’ Debt & Structured Finance team in San Francisco represented the partnership of Rockwood Capital Corporation and Mill Creek Residential in the acquisition of capital from Fannie Mae (FNMA). The seven-year credit facility is a mix of a sub-four percent fixed rate and floating rate debt. The facility is a refinance of a combination of existing construction and bridge financing loans.
“Our team was able to utilize our vast multifamily financing expertise to underwrite each of these newly-built assets that are in various stages of lease-up and demonstrate to lenders the benefits of financing this portfolio,” said Jesse Weber, vice chairman, Capital Markets, CBRE. “The resulting interest from the lending community was significant and culminated in a competitive process, at the end of which Fannie Mae came away from as the winning lender. We are thrilled with the outcome for both our client and Fannie Mae.”
The buildings in the Modera Portfolio are in various stages of lease-up and stabilization and include the properties below:
|
Building |
City, State |
Year Constructed |
# of Units |
|
South Lake Union |
Seattle, WA |
2016 |
294 |
|
Glendale |
Glendale, CA |
2016 |
235 |
|
Flats |
Houston, TX |
2016 |
265 |
|
Douglas Station |
Miami, FL |
2017 |
443 |
|
Lofts |
Jersey, NJ |
2016 |
366 |
|
Natick |
Natick, MA |
2016 |
150 |
|
Pearl |
Portland, OR |
2017 |
290 |
|
Mosaic |
Fairfax, VA |
2017 |
473 |
|
Medford |
Medford, MA |
2017 |
297 |
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
