JLL Capital Markets announced that it has arranged joint venture equity for the development of Modera Morrison, a 247-unit mixed-use multihousing and retail development in a qualified opportunity zone in Portland, Oregon’s popular Central Eastside.
JLL worked on behalf of the borrower, Mill Creek Residential Trust, in securing the joint venture equity.
Modera Morrison is planned development, pending LEED Silver certification, that will include a seven-story, 247-unit apartment community with about 10,744 square feet of ground-floor retail. Community amenities will include a virtual reality gaming lounge, health club, mixology lounge and rooftop deck with panoramic views and a sky bistro.
With expected completion in 2024, the transit-orientated property has a Walk Score® of 96 and is located at 1120 S.E. Morrison St. Modera Morrison is also proximate to public transportation and within walking distance to various restaurant, grocery, retail and entertainment options. With the area undergoing a revitalization within the last 10 years, new mixed-use multihousing communities have been taking precedence to accommodate growing interest in the area.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Ira Virden, Managing Director Mark Erland and Director Matt Benson.
“Despite an extremely challenging environment navigating through COVID-19, and the current supply pipeline, we generated tremendous interest from investors,” Virden said. “The location and development program, coupled with the opportunity to partner with a best-in-class developer like Mill Creek Residential Trust, proved critical during the process.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.