PGIM Real Estate has provided $345 million in fixed-rate financing through its core investment strategy to Mill Creek Residential Trust to refinance a national multifamily portfolio. The portfolio spans five recently developed class A luxury properties across the United States, and the financing will be used to pay off the existing construction loans.
The properties encompass 1,501 units and are located in key suburban markets, including Modera Berkeley Heights and Modera Montville in New Jersey, Modera Coral Springs in South Florida, Modera Old Ivy in Atlanta, and Modera Overlake in Seattle. The communities were completed between 2022 and 2024.
“The properties within this portfolio are strategically located in close proximity to major employment hubs across the United States, offering long-term stability and growth potential driven by demand for high-quality living options in desirable urban and suburban locations,” said Trevor Arnholt, executive director, origina
