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| Modera Avenir Place, Vienna, VA |
WASHINGTON, D.C. –– 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.
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| Nicole Brickhouse |
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.
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| Jennifer Keller |
Modera Avenir Place is situated
at the intersection of Prosperity Avenue and Gallows Road adjacent to the Shops
at Avenir Place and Interstate 66.
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| Sue Carras |
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.
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| Jamie Leachman |
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.
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| Mike Tepedino |
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.
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| Walter Coker |
For more information, please visit www.MillCreekPlaces.com.
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.
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| Brian Crivella |
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).
CONTACTS:
NICOLE BRICKHOUSE
HFF Director
(202) 533-2500
JAMIE LEACHMAN
HFF Senior Director
(202) 533-2500
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500
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