A joint venture between Rockwood Capital and Mill Creek Residential Trust, Mill Creek Fund I, has closed on a $363.7 million for the refinancing of The Modera Portfolio. The 1,529 unit portfolio encompasses six newly constructed multifamily properties located in California, Florida, Massachusetts, New Jersey, Texas and Virginia. CBRE Capital Markets’ Debt & Structured Finance team originated the funding, a five-year, interest-only, floating-rate loan, with Morgan Stanley along with a syndicate including NY Life and Met Life. “The CBRE team provided best-in-class execution, working seamlessly with us from marketing through closing to structure an efficient refinancing package allowing us to capitalize on a premier residential apartment portfolio,” said David Streicher, Partner at Rockwood Capital.
