Mill Creek closes on land for Edgewater apartments, nabs $62M loan

Miami /
Mar.March 09, 2017 01:30 PM

Mill Creek Residential just closed on the land for its Modera Edgewater apartment building and secured a $61.8 million construction loan.

Records show six entities sold 14 parcels on Northeast Fourth Avenue between 24th and 25th streets to MCREF Edgewater LLC, a Mill Creek affiliate, for a combined $21.7 million. The Dallas, Texas-based multifamily developer also closed on its financing from PNC Bank.

The sellers were N5 Holdings LLC, 24 On the Bay Two LLC, Prive Opportunity Investments Two, EdgeSun 455, and Otto T. Praderes. Mill Creek paid about $200 per square foot for the non-waterfront land.

Together, the properties total about 2.44 acres. Mill Creek submitted a proposal for Modera Edgewater in November to the Miami Urban Development Review Board, which approved its plans for the 297-unit building.

The eight-story building, designed by Corwil Architects, will total 477,626 square feet, broken down into 18 studios, 114 one-bedroom apartments, 16 one-bedroom apartments with dens, 106 two-bedroom apartments and 43 three-bedroom apartments. It will also have 436 parking spaces. The project has yet to break ground.

Edgewater has been flooded with plans for new condo and apartment buildings, including the Related Group’s under-construction Paraiso condo complex, OKO Group’s planned Missoni Baia condo tower and the Richman Group’s Biscayne 27 apartments.

Mill Creek has built more than 20,000 apartments in more than 90 communities, as well as buying more than 2,50 apartments. By the end of the year, Mill Creek expects to deliver an additional 5,000 apartments to its portfolio, according to a company statement.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Bay Park at 3301 Northeast Fifth Avenue (Google Maps)
Investment firm makes $130M offer for 60-year-old Edgewater condo complex
Investment firm makes $130M offer for 60-year-old Edgewater condo complex
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
A rendering of the project and Nicole Kushner Meyer (Kushner)
All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
Jose Luis, Martin and Carlos Melo with renderings of Aria Reserve (Melo Group)
Seeing double: Melo joins Miami condo craze with two-tower Edgewater project
Seeing double: Melo joins Miami condo craze with two-tower Edgewater project
Arch Companies founders Jeffrey Simpson, Jared Chassen and Infinity's David Berg. (Google Maps, Infinity, Getty)
Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
TPG CEO Jon Winkelried with AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard (Hilton, Google Maps)
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
arrow_forward_ios

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

Loading...