Mill Creek nabs $80M construction loan for phase two of Dadeland apartments

CIT is the lender

TRD MIAMI /
Aug.August 21, 2017 08:45 AM

Mill Creek Residential just closed on an $80 million loan for the second phase of Modera Metro Dadeland, a 25-story apartment tower planned near Dadeland Mall, property records show.

New York-based CIT Bank is the lender. Mill Creek, a Dallas-based multifamily developer, is building the 422-unit building at 8215 Southwest 72nd Avenue.

Records show Mill Creek’s Metro Dadeland II LLC paid $11.4 million for the 1.8-acre development site in 2014.

Mill Creek is wrapping up construction of the first phase, also a 422-unit, 25-story rental development at the same address. Amenities will include two rooftop decks, a park and pet spa, parking garage, a pool, gym and clubhouse. Leasing begins in early September.

The second phase will have its own amenities and leasing office. Construction will begin this week and is expected to be completed in early 2020, according to Mill Creek’s vice president of development Andrea Romero.

A number of new apartment buildings have recently been completed or are underway in the Dadeland area, including Adler Group and 13th Floor Investments’ Motion at Dadeland. In the Kendall East submarket, rents averaged about $2,000 in the second quarter of this year, down slightly from the first quarter, according to Berkadia.

Asking rents at the first phase of Modera Metro Dadeland range from $1,700 for a studio to $3,525 for a three-bedroom, listings on Apartments.com show.

In 2015, Mill Creek sold a nearby apartment complex for $104.5 million, or nearly $300,000 per unit.

CIT Bank has more than $30 billion of deposits and more than $40 billion in assets, according to its website.


Related Articles

arrow_forward_ios
6365 W 24th Ave, Hialeah (Credit: Google Maps)

Miami investor buys Hialeah apartments for $13M

Miami investor buys Hialeah apartments for $13M
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
450 Northeast Fifth Street (Credit: Google Maps)

Jenco Properties pays $68M for Flagler Village apartments

Jenco Properties pays $68M for Flagler Village apartments
410 Southeast 16th Court, Fort Lauderdale

Fort Lauderdale apartment building get TCO, begins leasing

Fort Lauderdale apartment building get TCO, begins leasing
Hamilton on the Bay and listing broker Rani Hussami

Apartment giant Aimco buys waterfront Hamilton on the Bay tower in Edgewater

Apartment giant Aimco buys waterfront Hamilton on the Bay tower in Edgewater
Yard 8 and Wood Partners CEO Joseph Keough (Courtesy of ACRE)

Wood Partners lands $86M refi for Midtown Miami apartments

Wood Partners lands $86M refi for Midtown Miami apartments
Paseo de la Riviera and Brent Reynolds

Developer completes $225M Paseo de la Riviera mixed-use project

Developer completes $225M Paseo de la Riviera mixed-use project
Jonathan Shechtman from Axonic and Herve Barbera from Bar, with 4860 Sandstone Lane

Bar Invest pays $56M for West Palm apartments

Bar Invest pays $56M for West Palm apartments
arrow_forward_ios

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

Loading...