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

CIT is the lender

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
Renderings of Kevlar Gardens (Bellon Architecture)
Miami-Dade rezoning paves way for 321-unit multifamily project in Homestead
Miami-Dade rezoning paves way for 321-unit multifamily project in Homestead
Parc Station
Out-of-state multifamily buyers eye South Florida
Out-of-state multifamily buyers eye South Florida
Azola West Palm Beach and ZOM Living CEO Greg West (Google Maps, iStock)
ZOM sells West Palm Beach apartments for $48M
ZOM sells West Palm Beach apartments for $48M
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Dermot Company's Stephen Benjamin with Seabourn Cove at 3501 North Federal Highway (Linkedin, Google Maps, Seabourn Cove)
Dermot Co. pays $143M for Boynton Beach apartments
Dermot Co. pays $143M for Boynton Beach apartments
Dev Motwani (right) and The Estate Companies' Jeff Ardizon and Robert Suris with renderings of the project
Estate Companies scores $56M construction loan for Dania Beach mixed-use project
Estate Companies scores $56M construction loan for Dania Beach mixed-use project
2625 - 2674 North Andrews Avenue, Wilton Manors (Franklin Street, iStock)
Wilton Manors mixed-use multifamily complex sells for $11M
Wilton Manors mixed-use multifamily complex sells for $11M
Gustavo Carbonell and a rendering of Progresso Village
Mixed-use apartment project planned for Fort Lauderdale’s Progresso Village
Mixed-use apartment project planned for Fort Lauderdale’s Progresso Village
arrow_forward_ios

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

Loading...