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

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.