One of the nation’s largest apartment builders scored a $165 million refinance on its newly-completed apartment complex in West L.A.
Mill Creek Residential secured the debt from New York-based Square Mile Capital Management on the the 376-unit Modera West LA, which opened last month.
The Westchester property, at 5901 Center Drive, includes a pool and rooftop deck, among other amenities. Modera West LA stands across from a collection of buildings known as the Howard Hughes Center, which is being repositioned.
The VTBS Architects-designed community is about 62 percent leased. Rents start at $2,475 for a one-bedroom unit, and range up to $5,265 for a three-bedroom unit.
Kevin MacKenzie, John Chun and Nick Lench of JLL arranged the financing on behalf of the borrower.
In Los Angeles, Mill Creek is also developing Modera Argyle, a 276-unit community in Hollywood; and the 248-unit Modera Hollywood.