MetLife Investment Management Provides $156.2M Refinancing for Mixed-Use Complex in Virginia
VIENNA, VA. — MetLife Investment Management has provided a $156.2 million loan for the refinancing of Modera Avenir Place, a grocery-anchored mixed-use development in Vienna.
The development was completed in two phases in 2013 and 2015 and includes 628 residential units and is anchored by a ground-floor Harris Teeter supermarket. Additional retail tenants include Inova Care Center and Thai by Thai restaurant.
Nicole Brickhouse, Jamie Leachman, Jennifer Keller, Mike Tepedino, Sue Carras, Walter Coker and Brian Crivella of HFF secured financing on behalf of the borrower, a joint venture between Mill Creek Residential Trust LLC and institutional investors advised by J.P. Morgan Asset Management, to secure the floating-rate loan, which provided the borrower with the most flexibility, according to HFF. Loan proceeds were used to retire existing construction financing.
The residential units at the stabilized property include stainless steel appliances, quartz countertops and central heat and air conditioning as well as hardwood-style flooring. Community amenities include two swimming pools with sun decks, grilling stations, billiards, gaming consoles and business centers with cyber cafes.