Square Mile Capital Management LLC announced that it 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, Modera West LA has achieved excellent leasing velocity to date and shows no signs of slowing down. Mill Creek is one of the nation’s largest multifamily developers and managers, and we are thrilled to establish a relationship with them by making a debt investment in this project.”

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 and features a spa, pool with private cabanas, outdoor BBQ grills, dog run and grooming, rooftop deck, and valet dry cleaning. Unit amenities include balconies, double vanities, walk-in closets, and wine fridges.

Located in the Greater Culver City area, Modera West LA is immediately adjacent to the Howard Hughes Center, home to over 156 stores and restaurants. The community benefits from its easy accessibility to I-405, creating excellent connectivity throughout Los Angeles. 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.

About Square Mile Capital Management LLC

Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States. Square Mile Capital’s equity platform serves as a partner of choice for opportunistic and value add real estate investments across all property types. By identifying the impact of long-term trends on real estate values, the firm focuses on key investment themes and investment structuring in order to maximize risk-adjusted investment returns. For more information, visit www.squaremilecapital.com.

About Mill Creek Residential

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 16 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, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of June 30, 2019, the company’s portfolio comprises of 75 communities representing over 19,800 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.