SunTrust Bank provided a $92 million loan to a joint venture between Mill Creek Residential and institutional investors advised by J.P. Morgan Asset Management to support the financing of Modera Metro Dadeland. The Class A, high-rise community offers 422 apartment homes and is located in Miami, Florida. It was completed in 2017 and has now reached stabilized occupancy.
“Modera Metro Dadeland is a premier apartment community, offering luxury amenities just steps from the Metrorail. We continue to see an overwhelmingly positive reaction from the Modera residents and the overall Dadeland community. SunTrust is excited to provide the financing for this community,” said Rebecca Cox, senior vice president for SunTrust Commercial Real Estate.
Located at 8215 SW 72nd Avenue, Modera Metro Dadeland is in close proximity to the major thoroughfares of the city, including U.S. 1, Palmetto Express Way and Snapper Creek Expressway. The community is walking distance to the Dadeland North Metrorail station, and major employers in the immediate area include Baptist Health and the University of Miami.
The community is located near a number of shops, restaurants, and entertainment options within Downtown Dadeland and Dadeland Mall. Adjacent to Modera is a county park with a playground and dog park. Nearby Ludlam Trail, Underline and Matheson Hammock offer additional outdoor recreational options.
Leads on the transaction include: Alexandra Bettius (Mill Creek Residential); Lauren Steel (J.P. Morgan Asset Management); Rebecca Cox (SunTrust); Jessica Standera (King & Spalding); and Michelle Brown (Jones Day).
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of September 30, 2018, SunTrust had total assets of $211 billion and total deposits of $160 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.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 14 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, Washington, D.C., New Jersey, New York, and Boston. As of September 30, 2018, the company’s portfolio comprises of 73 communities representing over 19,400 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $135 billion in assets under management and over 800 professionals (as of September 30, 2018), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com/.
