The Real Deal Miami

Mill Creek buys land, scores construction loan for Plantation rental project

Plans include 330 apartments within the Cornerstone Corporate Center
By Amanda Rabines | April 03, 2018 10:30AM

1240 South Pine Island Road and Mill Creek Residential’s Senior Managing Director for South Florida Jeff Meran (Credit: Mill Creek Residential)

An entity of Mill Creek Residential just closed on a Plantation development site where it plans to build a 330-unit apartment complex, and scored $46 million in construction financing for the project.

Property records show the developer paid $11.4 million for the 6.3-acre vacant lot, which sits within the Cornerstone Corporate Center at 1240 South Pine Island Road. It currently has plans to build three six-story rental buildings on the site.

Wells Fargo Bank was the lender. Boston-based GID Investment Advisers and Dallas-based Spirit Realty Capital also participated in the mortgage.

PG-Plantation CS Four LLC, tied to the Houston-based Patrinely Group, was the seller. Records show the lot last traded for nearly $6 million in 2000.

The 58-acre Cornerstone Corporate Center is home to more than 670,000 square feet of office space and the Renaissance Fort Lauderdale-Plantation Hotel. The property is north of I-595 and east of South Pine Island Road.

Mill Creek filed plans with the city for the development project in 2016. Representatives for Mill Creek were not immediately available to comment.

Last year, Baptist Health South Florida proposed a 30,000-square-foot, $30 million medical office building, also in the Cornerstone Corporate Center.