MINNEAPOLIS, MN - Talbot Wyckoff and Luke Donahue of Colliers Mortgage teamed up to provide a Fannie Mae loan for the refinance of Modera San Pedro Square in San Jose, California. The financing was arranged for affiliates of Rockwood Capital and Mill Creek Residential, with Colliers Mortgage facilitating a rate buy down to improve loan proceeds and manage interest expense, providing a non-recourse low fixed-rate loan with a 10-year term and full-term interest only.
The 201-unit market rate multifamily community was constructed in 2020 with all homes housed in one eight-story mid-rise building. Community amenities include a 24-hour fitness and yoga studio, co-working lounge spaces, bike storage and repair station, resident lounge with demonstration kitchen and more. The community also features seven retail spaces on the ground floor including Gyu-Kaku Japanese barbecue, Mysteriux barbershop and boutique, Carbon Health Urgent Care and Serious Dumpling (coming soon).
About Colliers Mortgage (Agency Finance and Commercial Finance) - part of Colliers | U.S. Colliers Mortgage is distinctively positioned to help meet our clients’ financing, funding and capitalization needs for the acquisition, refinance, construction, rehabilitation, equity bridge and permanent debt for a multitude of property types nationwide. Our professionals work collaboratively to analyze and uncover the best options available for each client’s unique needs, by offering access to federal agency loan programs, commercial finance solutions, and in identifying capital sources for capitalization requirements. We also service all loans we originate and are currently servicing more than $10.0 billion of loans.
About Colliers: Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
About Rockwood: Rockwood is a more than 85-person organization with offices in New York, NY, San Francisco, CA, and Los Angeles, CA. Since inception, Rockwood and its principals have invested in approximately $40.0 billion of real estate and real estate-related assets (gross asset value). As of Q1 2023, Rockwood manages a portfolio of approximately $13.8 billion (gross asset value). Rockwood’s international investor base includes sovereign wealth funds, public and private pension funds, endowments, foundations, insurance companies, funds of funds, high net worth individuals and family offices. For more information, visit www.rockwoodcap.com
About Mill Creek Residential: Mill Creek Residential Trust LLC is a national rental housing company focused on developing, acquiring, and operating rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida, proactively develops, acquires, constructs, and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable markets in Seattle, Portland, the San Francisco Bay area, Southern California, Phoenix, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of December 31, 2022, the company’s portfolio comprises 126 communities representing over 34,000 rental homes operating and/or under construction. For more information, please visit www.MillCreekPlaces.com