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South Florida

Mill Creek scores $108M construction loan for Modera Aventura, buys site for $22M

Boca Raton developer began construction of 15-story building with 420 units

Mill Creek Residential CEO William MacDonald with a rendering of the Modera Aventura
Mill Creek Residential CEO William MacDonald with a rendering of the Modera Aventura (Corwill Architects, Mill Creek Residential)

Mill Creek Residential scored a $107.5 million construction loan for Modera Aventura, after buying the multifamily project’s development site for $21.5 million.

The Boca Raton-based national apartment builder broke ground on the planned 15-story building that will have 420 units, 6,400 square feet of ground-floor retail and a 590-space parking garage, according to a press release. 

An affiliate of Mill Creek acquired the 2-acre parcel at 2681 Northeast 191st Street near the new Brightline station in Aventura, according to records and Vizzda. It obtained the construction loan from Bank of America. 

In 2014, the seller, an entity managed by Bruno Bloch in Miami, paid $7.4 million for the property, records show. The site, which is currently home to a warehouse and outdoor truck yard, was recently rezoned from industrial to mixed-use. 

Mill Creek anticipates completion of the first phase in 2025, the release states. Modera Aventura’s second phase entails another 15-story building with 420 units that is in the planning stage.

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Modera Aventura will have studios and one-, two- and three-bedroom apartments with an average size of 951 square feet, the release states. 

Mill Creek, led by CEO William MacDonald, also developed Modera Flagler Village, a 24-story, 350-unit apartment building in Fort Lauderdale. Founded in 2011, Mill Creek’s portfolio consists of 126 multifamily communities with more than 34,000 units completed and under construction, the release states. 

Other rental projects are on tap near the Aventura Brightline station. In December, Coconut Grove-based 13th Floor Investments submitted plans with Miami-Dade County to build a 17-story project with 350 apartments on 2.4 acres at 19680-19770 West Dixie Highway.

Coconut Grove-based Related Group and Aventura-based BH Group are proposing a 26-story apartment building at 2999 Northeast 191st Street. Icon Aventura would entail 308 apartments, 12,000 square feet of ground-floor retail and a garage on a 4-acre development site.

Last year, New York-based AMAC and Coral Gables-based ROVR scored a $67 million construction loan for Aventura Park, an eight-story, 290-unit apartment building.