Modera Lake Merritt is Mill Creek’s Second Oakland Community
Modera Lake Merritt, which sits one block from Lake Merritt, features 1,650 square feet of retail space and 173 studio, one- and two-bedroom homes in a project being developed by Mill Creek Residential.
OAKLAND, CA—Mill Creek Residential continues its expansion in the Bay Area with its second community under construction in Oakland. The firm recently obtained a $55 million loan for Modera Lake Merritt, a 173-home multifamily community located at 1940 Webster St.
Modera Lake Merritt joins Modera Jack London Square. The latter recently began pre-leasing homes at 378 Embarcadero West and will welcome first residents later this year.
“Modera Lake Merritt will offer residents the best of Uptown Oakland and a tranquil, luxurious apartment living experience,” said Dave Fiore, managing director of development for Northern California at Mill Creek Residential. “This is a very exciting project for us and for the city of Oakland.”
Modera Lake Merritt, which sits one block from Lake Merritt, features 1,650 square feet of retail space along with the residential component. The property consists of studio, one- and two-bedroom homes with an average square footage of 710, GlobeSt.com learns.
The community features a variety of amenities including a rooftop deck with fire pits, barbecue grills and downtown views. Residents also have access to a clubhouse, fitness center, automated package room and bike storage.
Citizens Commercial Banking served as lead left arranger on the transaction. Mill Creek Residential has been its client since 2011, since Mill Creek’s inception as a multifamily investor and operator specializing in US apartment communities.
“We found Oakland attractive because we see it as more affordable than San Francisco,” Kevin Boyle, West Coast regional manager of commercial real estate with Citizens Bank, tells GlobeSt.com. “People can live in Oakland and commute to San Francisco. There are lots of good things going on in Oakland from an economic development and office development perspective. Millennials like to live in urban areas for the nightlife, good restaurants and easy commute. There is a lot to be said about Oakland, and Lake Merritt is a great location and beautiful area.”
Boyle also mentioned that Citizens Bank recently expanded to the West Coast with an office in El Segundo along with a San Francisco office that opened in July. The firm will be adding employees in both of those offices.
“We’d finally built up enough of a portfolio to put boots on the ground,” he tells GlobeSt.com. “We feel that the Western region will allow us to really grow and diversify our business.”
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