Mill Creek nabs $39M construction loan for Modera Douglas Station’s second phase

Miami /
Jul.July 06, 2016 12:00 PM

UPDATED July 6 6:56 p.m.: Mill Creek is chugging along at its upcoming apartment community near the Miami Metrorail’s Douglas Road Station.

The multifamily developer just nabbed $39.4 million in financing for the second phase of its Modera Douglas Station and has a filed notice with the county that it’s breaking ground.

County records show HSBC Bank agreed to lend Mill Creek the funds it needed for Modera Douglas Station’s second phase, which includes 181 units in an eight-story building at 3900 Bird Road.

The first phase, which broke ground across the street in 2014, has 262 units and is expected to start receiving tenants as soon as July 31, according to the complex’s Facebook page.

Mill Creek purchased the roughly one-acre development site where it’s building Modera Douglas Station’s second phase in June 2015 for $10 million.

Headquartered in Dallas, Texas, Mill Creek is a multifamily developer that builds apartment complexes in major markets throughout the U.S. The company recently filed plans to build a 300-unit community in Plantation, and traded one of its properties in Boca Raton for nearly $71 million.

The South Florida multifamily market has been hot for the first half of 2016. So far, more than $4 billion worth of rental properties have been traded in the region, with many of those being location in suburban markets.

As 13th Floor Investment’s Vice President Nicole Shiman recently told The Real Deal, communities built near suburban mass-transit options like Douglas Station are becoming increasingly attractive to both investors and tenants in recent years. They typically have lower rents than complexes in urban cores, while also offering connectivity to major shopping and eating districts like Brickell.


Related Articles

arrow_forward_ios
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Diesel family dishes on Wynwood condo project
 4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

Gables Residential sells dev site near Shops at Merrick Park

Gables Residential sells dev site near Shops at Merrick Park
Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

Fairfield Residential sells new Flagler Village apartments for $92M
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...