Mill Creek Residential has picked up a multifamily development 2.44 acre site for $20.5 million in the Miami submarket of Edgewater. Modera Edgewater will consist of an 8 story building totalling 477,626 square feet with 297 apartments and 436 parking spaces. The unit mix would include 114 one-bedroom units along with 106 two-bedroom, 18 studios, and 43 with three bedrooms. Mill Creek has closed on construction financing in the amount of $61.8 million provided by PNC Bank.
“We love the location in the Edgewater market,” Mill Creek Residential Senior Managing Director Jeff Meran said. “It is an up-and-coming urban location right off the bay. The area, while it has a lot of development activity, is definitely in need for some high-end luxury apartments.”
