Institutional investors advised by J.P. Morgan Asset Management and its joint venture partner, Mill Creek Residential Trust, secured $156.2m in financing for a mixed-use scheme in Vienna, Virginia. Holliday Fenoglio Fowler sourced the floating-rate funding, which will be used to retire existing construction financing, through MetLife Investment Management.
The project, Modera Avenir Place, is anchored by Harris Teeter. It was built in two phases between 2013 and 2015. The property, which includes 628 residential units, is adjacent to the Dunn Loring-Merrifield metrorail station and numerous thoroughfares. Amenities include two swimming pools, billiards and gaming consoles along with a cyber cafe. “The asset was very well received by lenders given its TOD location, high-end quality, mixed-use nature and strong sponsorship,” said Nicole Brickhouse, director at HFF.
