Mill Creek Scores $66M Construction Loan for Coral Springs Project
An affiliate of Mill Creek Residential secured a $65.92 million loan from UMB Bank for a multifamily project in Downtown Coral Springs, property records show.
The South Florida-based developers, through MCREF III Coral Spring Apartments, acquired the 72,732-square-foot parcel for $9.5 million in December 2020 from an affiliate of Boca Raton-based Predesco Property Investments led by Rod Sheldon. It’s part of a larger redevelopment site, on what was formerly the site of the Coral Springs Financial Plaza, which Sheldon still owns.
Situated at 3300 N University Drive in Downtown Coral Springs, the land sits on the outer edge of the county, a mere three miles from Everglades National Park. Mill Creek plans to develop the parcel into an eight-story residential building with 351 apartment units called Modera Coral Springs, the South Florida Business Journal reported.
Mill Creek, headquartered in nearby Boca Raton, specializes in the development, acquisition and operation of rental communities. As of December 2020, the company has 24,700 rental homes in its portfolio nationwide.
Demand for South Florida residential real estate has surged in the past months as northerners, seeking low-income tax rates and year-round sunshine, relocate. Just in the parcel’s surrounding area, median rents shot up by 35.53 percent between May 2021 and a year prior, according to data compiled by Zillow.
Mill Creek did not immediately respond to a request for comment.