The Real Deal Miami

Apartments near Health District land $31M loan

Chicago-based investor paid $32M for the development in May 2013

June 30, 2015 10:30AM
By Katherine Kallergis

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Modern Miami building and views

Modern Miami building and views

Waterton Associates received a $31 million loan for its Modern Miami apartments and surrounding vacant land near Miami’s Health District, records show. 

The Chicago-based multifamily and hospitality investor paid $32 million for the development in May 2013, according to Miami-Dade County records. The 16-story, 174-unit tower, at 1444 Northwest 14th Avenue in Miami sits on 1.37 acres.

The mortgage applies to the apartments and three adjacent vacant lots, which total 16,714 square feet, county records show. Capital One Bank is the lender.

The Modern Miami, located north of the Miami River, was developed in 2013. Amenities include a pool, Jacuzzi, a gym and media lounge, according to its website. Monthly rents range from $1,795 for a one-bedroom to $2,720 for a two-bedroom. Apartments range from 805 square feet to 1,146 square feet and include private balconies.