Mill Creek Nabs $108M Construction Loan for Aventura Rental
Mill Creek Residential landed a $107.8 million construction loan for a rental development near the Aventura Mall in Aventura, Fla., after closing on the land sale, property records show.
The financing from Bank of America (BAC) will go toward building the first phase of Modera Aventura, which will feature 420 apartments averaging 951 square feet, plus 6,400 square feet of ground-floor retail space.
Located at 2681 NE 191st Street, the 4.8-acre site sits less than a mile west of the popular Aventura Mall, facing Biscayne Boulevard. Earlier this week, the Boca-based developer bought the parcel, which now houses a truck stop, for $21.6 million, according to property records. The property had previously traded for $7.4 million in 2014.
“We are extremely excited to get started on this community, particularly given the shortage of land available for new development in the immediate area and the booming South Florida market,” Andrea Rowe, senior managing director of development in South Florida for Mill Creek, said in a statement.
Construction started last week and is anticipated to be completed by 2025, after which the second phase will get underway. It’s likely to include another 420 units and 8,000 square feet of retail, per country records.
Modera Aventura will mark Mill Creek’s 10th development within Miami and 16th in the South Florida market. Last year, Mill Creek, which typically sells its developments soon after completing them, offloaded Modera Edgewater for $222 million to AIR Communities.
Julia Echikson can be reached at email@example.com.