Mill Creek Lands $101M for Boca Rental After Buying Out Office Condo

Apartment projects in Florida’s Palm Beach County continue to hoover up construction loans. 

The latest involves Mill Creek Residential and Group P6 securing a $100.9 million construction loan for a development in Boca Raton, property records show. The loan followed the pair’s acquisition of an office condominium for the project. 

The financing from PNC Bank will cover a 12-story building with 304 apartments and 464 parking spots at 400 South Dixie Highway, west of the Boca Raton Resort. 

The joint venture broke ground on the development last week, and simultaneously terminated an office condominium, a move that grants the developers control of the building. The sale price of the condominium, which held 20 units on a 1.7-acre site, amounts to about $20 million. 

Mill Creek Residential remains a prolific multifamily developer across South Florida. In 2023, the Boca Raton-based developer obtained $108 million to build a 420-unit rental development near the Aventura Mall, in addition to obtaining $83 million to build a 361-unit development in Coral Springs, Fla.

This year, Mill Creek, alongside San Francisco-based Rockwood Capital, sold a 263-unit development in Miami’s Health District for $73.4 million. 

Construction financing for multifamily projects in Palm Beach County has picked up in recent weeks, with Estate Companies and The Richman Group each landing about $60 million for different projects.

Representatives for Mill Creek Residential and Group P6 did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.