Affinius Capital Provides $70M Refi for Miami Luxury Apartment Tower
The 263-unit Modera Skylar capitalizes on being close to Miami’s hospital hub
By Brian Pascus May 28, 2024 3:26 pm
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Rockwood Capital and Mill Creek Residential have secured $70 million to refinance Modera Skylar, a 263-unit luxury apartment complex in Miami.
Affinius Capital originated the loan. It is unclear if anyone brokered the deal.
Located at 1444 NW 14th Avenue in Downtown Miami, the two-building resort sits a short walk from the Miami River and near the neighborhoods of Overtown, Spring Garden, Allapattah and the Health District, which includes the University of Miami Health System and the Jackson Memorial Hospital.
Eric Cohen, an Affinius Capital managing director and its debt origination chief, noted that the sponsors are both repeat borrowers from his firm. Cohen cited the attractive location of the apartment complex.
“It is always a vote of confidence to partner with two notable and repeat borrowers such as Rockwood and Mill Creek,” said Cohen. “We are confident that Modera Skylar’s prime location proximate to the thousands of jobs in the adjacent Health District will continue to be a meaningful demand driver for ongoing strong performance at the property.”
Built in 2017, the Modera Skylar is structured as a resort-style community. It is made up of a 20-story building with 166 units, and a 10-story building with 97 units, all of which range from one- to three-bedrooms. The building includes an outdoor fitness center, a rooftop pool, a dog park, a resident lounge and covered parking.
Brian Pascus can be reached at bpascus@commercialobserver.com
