Square Mile Lends $165M on LA Multifamily Property
Square Mile Capital Management has provided $165 million to a joint venture that includes Mill Creek Residential, backed by its newly built multifamily property, Modera West LA, in Los Angeles, the lender announced today.
The permanent loan on the 376-unit property was made to partnership that includes Boca Raton, Fla.-based Mill Creek and “a major institutional investor,” according to Square Mile.
A JLL (JLL) team led by executive managing director Kevin MacKenzie, senior director John Chun and analyst Nick Lench arranged the financing on behalf of the borrowing party.
“The combination of the prestigious sponsorship along with the trophy nature of the asset allowed us to drive a highly competitive marketing process for the pre-stabilized take-out opportunity,” MacKenzie said in prepared remarks.
Construction on the property — at 5901-5902 Center Drive in West Los Angeles — was completed in August 2019, and the pre-stabilized asset is currently 62 percent leased.
“The West Los Angeles submarket has experienced constant growth over the past 10 years and is becoming an increasingly attractive place to live,” Square Mile principal Tom Burns said in a prepared statement. “[The project] is in a great position to capture this population expansion … 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.”
Amenities at Modera West LA include a spa, a pool with private cabanas, outdoor BBQ grills, a dog run, pet grooming, a rooftop deck and dry cleaning services. There is also a 24-hour fitness studio, a group fitness area, a yoga studio, a cyber cafe, a community clubhouse and a game room, according to Mill Creek’s website.
Modera West LA offers one-, two- and three-bedroom units, ranging from 492 square feet to 1,506 square feet. Monthly rents currently range from $2,475 for a one-bedroom to $5,265 for three-bedroom apartment.
The complex is located next to the Howard Hughes Center, which boasts over 150 stores as well as offices for USA Today and the West Los Angeles campus for Pepperdine University. It’s also just south of Culver City, a rapidly expanding tech hub that hosts companies like Amazon, Netflix, Google and Facebook.
Officials at Mill Creek could not immediately be reached.