Mill Creek buys land, scores construction loan for Plantation rental project

1240 South Pine Island Road and Mill Creek Residential’s Senior Managing Director for South Florida Jeff Meran (Credit: Mill Creek Residential)

An entity of Mill Creek Residential just closed on a Plantation development site where it plans to build a 330-unit apartment complex, and scored $46 million in construction financing for the project.

Property records show the developer paid $11.4 million for the 6.3-acre vacant lot, which sits within the Cornerstone Corporate Center at 1240 South Pine Island Road. It currently has plans to build three six-story rental buildings on the site.

Wells Fargo Bank was the lender. Boston-based GID Investment Advisers and Dallas-based Spirit Realty Capital also participated in the mortgage.

PG-Plantation CS Four LLC, tied to the Houston-based Patrinely Group, was the seller. Records show the lot last traded for nearly $6 million in 2000.

The 58-acre Cornerstone Corporate Center is home to more than 670,000 square feet of office space and the Renaissance Fort Lauderdale-Plantation Hotel. The property is north of I-595 and east of South Pine Island Road.

Mill Creek filed plans https://therealdeal.com/miami/2016/04/08/mill-creek-residential-plans-to-build-300-apartments-in-plantation/ with the city for the development project in 2016. Representatives for Mill Creek were not immediately available to comment.

Last year, Baptist Health South Florida proposed a 30,000-square-foot, $30 million medical office building https://therealdeal.com/miami/2017/01/06/baptist-health-proposes-30m-medical-office-building-in-plantations-cornerstone-corporate-center/ , also in the Cornerstone Corporate Center.

from The Real Deal Miami https://therealdeal.com/miami/2018/04/03/mill-creek-buys-land-scores-construction-loan-for-plantation-rental-project/
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