Mill Creek nabs $80M construction loan for phase two of Dadeland apartments
CIT is the lender
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.