09/16/2019
Citizens Bank provides approximately $55 million construction loan for Modera Lake Merritt
Funds to be used by Mill Creek Residential for Class A apartment building
OAKLAND, CA – Citizens Commercial Banking announced today that it has arranged an approximately $55 million loan to Mill Creek Residential for the construction of Modera Lake Merritt, a 173-home, Class A apartment community at 1940 Webster St. in Oakland.
Founded in 2011, Mill Creek is a leading multifamily investor and operator specializing in premier apartment communities across the U.S. Modera Lake Merritt is Mill Creek’s second community under construction in Oakland, joining Modera Jack London Square. The latter recently began preleasing homes at 378 Embarcadero West and will welcome first residents later this year.
Citizens served as Lead Left Arranger on the transaction. Mill Creek Residential has been a client since 2011.
“This is a very exciting project for us and for the city of Oakland, and Citizens has been a great strategic and financial partner of ours for many years,” said Dave Fiore, Managing Director of Development for Northern California at Mill Creek Residential. “Modera Lake Merritt will offer residents the best of Uptown Oakland and a tranquil, luxurious apartment living experience. We thank Citizens for helping us bring this community to life.”
Gary Magnuson, Executive Vice President and Head of Commercial Real Estate Finance at Citizens Bank, added: “Providing advice and construction financing are some of the ways that Citizens provides added value for clients. We have recently expanded our Commercial Real Estate team in California and, while this project originated with our Washington, D.C. team, it is another example of how we work with great clients across the country on smart projects in growing regions.”
Citizens’ Commercial Real Estate Finance team provides project finance loans of more than $20 million, focusing on building relationships with strong commercial real estate sponsors located in the bank’s market coverage. Citizens makes loans for multifamily, office, retail, industrial and hospitality properties. For more information about real estate financing options and more from Citizens, visit the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $162.7 billion in assets as of June 30, 2019. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
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 16 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, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of March 31, 2019, the company’s portfolio comprises of 74 communities representing over 19,700 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.
