facebook


Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

Florida

/

Development Site

/

Loan

/

400 South Dixie Highway

Updated Sep 9, 2025

Mill Creek Residential And Group P6 Secures $100.9M Construction Loan For Boca Raton Development
FINANCEDDevelopment Site

Mill Creek Residential And Group P6 Secures $100.9M Construction Loan For Boca Raton Development

400 South Dixie Highway

$100,900,000

Units

306

Asset Type

Development Site

Closing

Sep 5, 2025

About this deal

AI

The property asset involved in this transaction is a development site located at 400 South Dixie Highway in Boca Raton, comprising 1.71 acres. The developers, Mill Creek Residential and Group P6, acquired this site for $18.29 million. They have secured a construction loan from PNC Bank amounting to $100.9 million to facilitate the building of Modera Boca, which will feature a 306-unit, 12-story apartment project. The construction includes amenities such as a pool deck, fitness center, coworking space, and dog park.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $100,900,000
  • Address: 400 South Dixie Highway
  • Market: Boca Raton
  • Acquisition Price: $18,290,000
  • Lender: PNC Bank
  • Landlord: William MacDonald - Mill Creek Residential
  • Landlord: Ignacio Diaz - Group P6
  • Landlord: Jose Padua - Group P6
  • Loan Type: Construction

Key individuals involved in this transaction include William MacDonald from Mill Creek Residential, and Ignacio Diaz and Jose Padua from Group P6, who collectively represent the landlords in this deal. The project is set to provide essential residential facilities in the Boca Raton area, following the termination of the condo association on the acquired site.

On the Map

Open live map

$100,900,000

Development Site

View full map

Players

PNC Bank
PNC BankLender

William MacDonald

Mill Creek Residential

Landlord

$601.3M

vol

6 deals

Landlord
Mill Creek Residential
Mill Creek ResidentialLandlord
Bilt advertisement

Boca Raton Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

Loading comparables…

Deal FAQ

Visit William (Bill) MacDonald to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.16%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

More Deals

Nearby Markets