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

Plans include 330 apartments within the Cornerstone Corporate Center

Miami /
Apr.April 03, 2018 10:30 AM

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.


Related Articles

arrow_forward_ios
President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)
Addiction treatment center operator pays $12M for Delray Beach apartments
Addiction treatment center operator pays $12M for Delray Beach apartments
Sagi Shaked and 201 North Pine Island Road (Shaked Law, Google Maps)
Former Plantation fertility clinic sells for $8M
Former Plantation fertility clinic sells for $8M
Christopher Forest Longsworth (Invesca)
Invesca CEO Christopher Longsworth dies at 36
Invesca CEO Christopher Longsworth dies at 36
Celebration Pointe and Andrew Farkas (Garco)
Island Capital affiliate pays $64M for Margate apartments
Island Capital affiliate pays $64M for Margate apartments
Renderings of Wave 70 and Wave 90
Dania Beach approves 760-unit apartment complex next to Dania Pointe
Dania Beach approves 760-unit apartment complex next to Dania Pointe
AHS Residential CEO Ernesto Lopes and AEW Global CEO Jeff Furber with 13700 Southwest 256th Street (Google Maps)
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Cortland Partners CEO Steven DeFrancis and 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)
Cortland pays $92M for Hollywood apartment complex
Cortland pays $92M for Hollywood apartment complex
Investcorp co- CEOs Hazem Ben-Gacem and Rishi Kapoor, Ventures CEO Tom Scott and 135 Northwest 20th Street in Boca Raton (Investcorp; Ventures; Google Maps)
CA Ventures buys Boca Raton apartment complex for $80M
CA Ventures buys Boca Raton apartment complex for $80M
arrow_forward_ios

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

Loading...