Mill Creek Scores $345M Refi From PGIM; capital retires construction loans for more than 1,500 luxury units

2/17/2025

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MHN

• Subcategory: Capital Markets: Debt, MF: Market Rate

• Tag: Closing

• Additional Filters-Subcategory: Capital Markets: Debt-Refinance, MF: Highrise, MF: Midrise

• Company: Mill Creek Residential, PGIM Real Estate (Prudential), CBRE Group (NYSE: CBRE)

Mill Creek Residential has secured $345 million in refinancing for a five-asset, 1,501-unit portfolio with assets in New Jersey, Florida, Georgia and Washington. PGIM Real Estate provided the fixed-rate funds through its core investment strategy in a deal arranged by CBRE.

The five Modera communities, all upscale, debuted between 2022 and 2024. Previous construction debt for four of the five properties rose up to $265.1 million, according to Yardi Matrix data. Lenders included Bank of America, Truist Bank, UMB Bank and TD Bank.