Mill Creek Residential Secures $345 Million Refinance Loan For Multifamily Portfolio Across Five Properties

A refinancing transaction was secured for a five-property portfolio consisting of 1,501 units located across Coral Springs, FL; Pine Brook & Berkeley Heights, NJ; Atlanta, GA; and Redmond, WA. The refinancing amounted to $345 million and was facilitated by PGIM Real Estate, which provided a fixed-rate loan. The properties, known as upscale Modera communities, were constructed between 2022 and 2024, replacing previous construction debt from lenders, including Bank of America, Truist, UMB, and TD Bank.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $345,000,000
• Units: 1,501
• Lender: David Hunt - PGIM
• Landlord: William C. MacDonald - Mill Creek Residential
• Broker Representatives: Anna Paladino, Jesse Weber & Michael Riccio - CBRE
• Loan Type: Refinance
• Loan Terms: fixed-rate

The transaction involved key individuals and firms with significant roles. David Hunt from PGIM led the lending aspect, while William C. MacDonald represented Mill Creek Residential as the landlord. The refinancing deal was arranged by the brokerage team from CBRE, which included Anna Paladino, Jesse Weber, and Michael Riccio, who facilitated the negotiations and execution of the agreement.