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400 South Dixie Highway

Updated Oct 14, 2026

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:

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

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$100,900,000

Development Site

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Players

PNC Bank
PNC BankLender

Ignacio Diaz

Group P6

Landlord

$222.4M

vol

8 deals

Landlord
Mill Creek Residential
Mill Creek ResidentialLandlord
Group P6
Group P6Landlord
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Boca Raton Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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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

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