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Los Angeles

One of nation’s biggest apartment builders scores $165M refi on West LA development

Mill Creek Residential’s 376-unit Modera West LA was completed last month

Mill Creek Residential CEO William MacDonald and Modera West LA (Credit: iStock)
Mill Creek Residential CEO William MacDonald and Modera West LA (Credit: iStock)

One of the nation’s largest apartment builders scored a $165 million refinance on its newly-completed apartment complex in West L.A.

Mill Creek Residential secured the debt from New York-based Square Mile Capital Management on the the 376-unit Modera West LA, which opened last month.

The Westchester property, at 5901 Center Drive, includes a pool and rooftop deck, among other amenities. Modera West LA stands across from a collection of buildings known as the Howard Hughes Center, which is being repositioned.

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The VTBS Architects-designed community is about 62 percent leased. Rents start at $2,475 for a one-bedroom unit, and range up to $5,265 for a three-bedroom unit.

Kevin MacKenzie, John Chun and Nick Lench of JLL arranged the financing on behalf of the borrower.

In Los Angeles, Mill Creek is also developing Modera Argyle, a 276-unit community in Hollywood; and the 248-unit Modera Hollywood.