Miami High-Rise Lands $92M Financing
- Feb 13, 2019
Modera Metro Dadeland, a 25-story, 422-apartment luxury Miami property owned in a joint venture between Mill Creek Residential and institutional investors advised by J.P. Morgan Asset Management, has received a $92 million loan from SunTrust Bank.
The Class A, high-rise community at 8215 SW 72nd Ave., was completed in 2017 and has reached stabilized occupancy. It is the first of a two-phase multifamily development planned by Mill Creek Residential at the site. The second phase is expected to also have 422 units in a 25-story structure.
“Modera Metro Dadeland is a premier apartment community, offering luxury amenities just steps from the Metrorail. We continue to see an overwhelmingly positive reaction from the Modera residents and the overall Dadeland community,” Rebecca Cox, senior vice president for SunTrust Commercial Real Estate, said in a prepared statement.
In addition to Cox, leads on the transaction include Alexandra Bettius, Mill Creek Residential; Lauren Sterk, J.P. Morgan Asset Management; Jessica Standera, King & Spaulding; and Michelle Brown, Jones Day.
The community is within walking distance of the Dadeland North Metrorail station and also close to major thoroughfares in Miami, including U.S. 1, Palmetto Express Way and Snapper Creek Expressway. Major employers in the area include Baptist Health and the University of Miami. The property is also near shops, restaurants and entertainment options, including Downtown Dadeland, Dadeland Mall and Pinecrest Gardens. A county park with a playground and dog park is adjacent to Modera Metro Dadeland and it is also near other outdoor recreational offerings including Ludlam Trail.
Amenities at the luxury property include two rooftop decks, barbecue areas, on-site park, pet spa, and an elevated hotel-inspired swimming pool. Indoor amenities feature a 24-hour fitness studio, clubhouse, cyber café, conference room, game room, theater room and bike storage. Apartment interiors have porcelain plank-style flooring, quartz countertops, custom cabinetry, stainless steel appliances and nine-foot ceilings. Some units have patios and balconies.
Modera Metro Dadeland is at least the seventh Mill Creek development in South Florida. Other Mill Creek communities include Modera Douglas Station, Modera Port Royale, Modera Pembroke Pines, Modera Town Center and Modera Coral Gables.
Last week, Mill Creek started construction on Modera San Diego in Southern California—the company’s first multifamily community in downtown San Diego. The seven-story, 368-unit luxury building is expected to be completed by spring 2021.
In December, Mill Creek, in partnership with a Rockwood Capital affiliate broke ground on Modera Lo-Hi, a 132-unit luxury property in downtown Denver. A month earlier, Mill Creek and institutional investors advised by J.P. Morgan Asset Management refinanced Modera Avenir Place, a Class A, 628-unit multifamily community in Vienna, Va., with a $156.2 million loan.
SunTrust Busy in Southeast
SunTrust has also been active in the multifamily market in recent months, providing a $27.5 million Freddie Mac acquisition loan in January to American Landmark Apartments for the acquisition of Brentridge, a 327-unit apartment community in suburban Nashville, Tenn. In December, SunTrust provided $86 million in financing to Village Park Senior Living for the development of phase one of a high-end senior living development in Atlanta’s Buckhead submarket.