Updated Nov 17, 2023
Mill Creek Residential Secures $107.8M Construction Loan For Modera Aventura Development Site
Aventura
$107,800,000
Units
420
Asset Type
Development Site
Closing
May 5, 2023
About this deal
AI
A $107.8 million construction loan has been secured by Mill Creek Residential from Bank of America for the first phase of Modera Aventura, a rental development located near Aventura Mall in Aventura, Florida. The first phase of this development will consist of 420 apartments and 6,400 square feet of ground-floor retail space. Construction is expected to be completed by 2025, with a second phase planned to include an additional 420 units and 8,000 square feet of retail space.
Summary of transaction details
- Asset Type: Development Site
- Loan Amount: $107.8 million
- Loan Type: Construction
- Address: Aventura
Bank of America provided the construction loan for Modera Aventura, a rental development near Aventura Mall. The loan will fund the first phase of the project, which will include 420 apartments and 6,400 square feet of ground-floor retail space. Construction is expected to be completed by 2025. Mill Creek Residential is responsible for the development of this project.
Players
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93