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

Mill Creek paid about $200 per square foot for the non-waterfront land

Mar.March 09, 2017 01:30 PM

Rendering of Modera Edgewater

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.

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