Mill Creek Residential broke ground on its second phase of the Cornerstone mixed-use project in Coral Springs after receiving an $82.3 million construction loan.

Fifth Third Bank provided the mortgage to MCREF MFR 1 Coral Springs II LLC, an affiliate of Boca Raton-based Mill Creek Residential. It covers the 2.91-acre site at 3310 University Drive. The developer filed notice with the county that it started work on the project, which it will build with its in-house general contractor. The second phase of Modera Coral Springs will feature 353 apartments, 32,280 square feet of retail and restaurant space and 721 parking spaces. The apartment complex would feature a clubhouse, a pool, a gym and a sky terrace on the top floor. The developer purchased the land for $13 million in July.

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An affiliate of Mill Creek Residential paid $13 million for a multifamily development site in Coral Springs, as part of the Cornerstone mixed-use development.

Coral Sample LLC, managed by Rod Sheldon of Boca Raton-based Predesco in partnership with Clifton, New Jersey-based Arctrust Investment Manager, sold the 2.91-acre site at 3310 University Drive to MCREF MFR 1 Coral Springs II LLC, part of Boca Raton-based Mill Creek Residential. The price equated to $102 per square foot for the land.

This site is slated for 361 apartments in eight stories, plus 24,200 square feet of ground-floor retail and restaurant space. There would be 768 parking spaces, including 285 public spaces for patrons of the commercial space. The apartment complex would feature a clubhouse, a pool, a gym and a sky terrace on the top floor.