CHICAGO, IL - JLL Capital Markets announced today that it has arranged joint venture equity for the development of Modera Morrison, a 247-unit mixed-use multi-housing and retail development in a qualified opportunity zone in Portland, Oregon’s popular Central Eastside.
JLL worked on behalf of the borrower, Mill Creek Residential Trust, in securing the joint venture equity.
Modera Morrison is planned development, pending LEED Silver certification, that will include a seven-story, 247-unit apartment community with about 10,744 square feet of ground-floor retail. Community amenities will include a virtual reality gaming lounge, health club, mixology lounge and rooftop deck with panoramic views and a sky bistro.
With expected completion in 2024, the transit-orientated property has a Walk Score® of 96 and is located at 1120 S.E. Morrison St. Modera Morrison is also proximate to public transportation and within walking distance to various restaurant, grocery, retail and entertainment options. With the area undergoing a revitalization within the last 10 years, new mixed-use multi-housing communities have been taking precedence to accommodate growing interest in the area.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Ira Virden, Managing Director Mark Erland and Director Matt Benson.
“Despite an extremely challenging environment navigating through COVID-19, and the current supply pipeline, we generated tremendous interest from investors,” Virden said. “The location and development program, coupled with the opportunity to partner with a best-in-class developer like Mill Creek Residential Trust, proved critical during the process.”