Square Mile Capital Management originated a $165 million loan secured by Modera West LA, a newly-built 376-unit multifamily community located in West Los Angeles, CA.
The loan was made to a joint venture between a major institutional investor and Mill Creek Residential, who completed the development in August 2019.
Square Mile Capital Principal Tom Burns said, “The West Los Angeles submarket has experienced constant growth over the past 10 years and is becoming an increasingly attractive place to live.
“The Modera West LA project is in a great position to capture this population expansion as the premier multifamily asset in the area. Thanks to best-in-class sponsorship, a robust amenity package, and spectacular unit finishes,”
The financing was arranged by the JLL Capital Markets team representing the borrower, led by executive managing director Kevin MacKenzie, and senior director John Chun and analyst Nick Lench.
“The combination of the prestigious sponsorship along with the trophy nature of the asset allowed JLL to drive a highly competitive marketing process for the pre-stabilized take-out opportunity, delivering exceptional results beyond our client’s expectations,” MacKenzie said.
The community is already 62 percent leased. The Greater Culver City area has been dubbed Silicon Beach due to West Los Angeles’s rapidly expanding tech center, which is home to major players such as Amazon, Apple, Netflix, Google, and Facebook.