The 234 Apartment

Mill Creek nabs $80M construction loan for phase two of Dadeland apartments CIT is the lender By Katherine Kallergis | August 21, 2017 08:45AM Rendering of Modera Metro Dadeland ’s second phase Mill Creek Residential just closed on an $ 80 million loan for the second phase of Modera Metro Dadeland , a 25- story apartment tower planned near Dadeland Mall, property records show . New York- based CIT Bank is the lender. Mill Creek, a Dallas- based multifamily developer , is building the 422-unit building at 8215 Southwest 72nd Avenue . Records show Mill Creek ’s Metro Dadeland II LLC paid $11.4 million for the 1.8- acre development site in 2014. Mill Creek is wrapping up construction of the first phase, also a 422-unit, 25- story rental development at the same address. Amenities will include two rooftop decks, a park and pet spa, parking garage, a pool, gym and clubhouse. Leasing begins in early September. The second phase will have its own amenities and leasing office. Constructi...

The Memphis housing market shows signs of a recovery as home sales improve month after month. Yet foreclosures still bring about the best investment opportunities, especially in the multifamily sector as the general economic trend continues to favor renting rather than buying. An entity affiliated with LNR Property LLC , a market leader in commercial properties development headquartered in Miami Beach, Fla., recently acquired Waterford Place Apartments , a 320- unit community located at 8037 Waterford Circle . The Class A community was bought for $18.2 million from Harris P. Quinn of Prochaska Thompson Quinn & Ferraro PC, in a substitute trustee’s sale following a foreclosure, according to the Daily News . The residential community built in 2001 on 27.9 acres had been property of Empirian Waterford LLC and Flushing Waterford LLC until earlier this year when the venture defaulted on a $54.6 million loan through Deutsche Banc Mortgage Capital LLC . Also following a foreclosur...