WASHINGTON--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announces $156.2 million in financing for Modera Avenir Place, a best-in-class residential property in Vienna, Virginia.
The HFF team worked exclusively on behalf of the borrower, a joint venture between Mill Creek Residential Trust LLC and institutional investors advised by J.P. Morgan Asset Management, to secure the floating-rate loan with MetLife Investment Management. Loan proceeds were used to retire existing construction financing.
Modera Avenir Place is situated at the intersection of Prosperity Avenue and Gallows Road adjacent to the Shops at Avenir Place and Interstate 66. The transit-oriented community is adjacent to the Dunn Loring-Merrifield Metrorail station (Orange Line) and numerous major thoroughfares that provide accessibility to the entire D.C. metropolitan area. Modera Avenir Place, a grocery-anchored mixed-use development, was completed in two phases in 2013 and 2015. The community comprises 628 residential apartment homes averaging 882 square feet, 578 of which are market-rate units. The studio, one- and two-bedroom floor plans include state-of-the-art features such as gourmet-inspired kitchens with stainless steel appliances and quartz countertops, central heat and air conditioning, high-end light fixtures, hardwood-style flooring and abundant storage. Community amenities include two swimming pools with sun decks, grilling stations, billiards and gaming consoles, and business centers with cyber cafes. The property includes a ground-floor Harris Teeter, Inova Care Center and Thai by Thai restaurant.
The HFF team representing the borrower included Nicole Brickhouse, Jamie Leachman, Jennifer Keller, Mike Tepedino, Sue Carras, Walter Coker and Brian Crivella.
About Mill Creek Residential Trust LLC
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York and Boston. As of June 30, 2018, the company’s portfolio comprises 74 communities representing over 20,250 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $130 billion in assets under management and over 800 professionals (as of June 30, 2018), the firm offers strategies across the alternative investment spectrum, including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, its independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
