Home Finance CBRE Arranges $700MM Refinancing for 9-Property Modera Multifamily Portfolio, Including Seattle Property

CBRE Arranges $700MM Refinancing for 9-Property Modera Multifamily Portfolio, Including Seattle Property

CBRE, San Francisco, Modera, Rockwood Capital Corporation, Mill Creek Residential, Fannie Mae
Modera Medford, Medford, MA

San Francisco (March 11, 2019) 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:

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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 is a real estate investment management firm, founded in 1995, 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. Today, Rockwood is a 75-person organization with offices in New York, NY, San Francisco, CA, and Los Angeles, CA that manages a portfolio of approximately $3.3 billion of net equity value in approximately $6.2 billion of gross real estate value as of 3/31/2018. 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

Mill Creek Residential develops, builds, acquires and operates high-quality apartment communities in desirable locations coast-to-coast. While Mill Creek is a national company, they immerse themselves in their chosen markets – living and working in the communities where they operate. Mill Creek combines its 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. Since 2011, Mill Creek Residential has developed more than 26,000 apartment homes across 96 communities and acquired more than 4,000 apartment homes in some of the nation’s best apartment markets.