Construction loan clears way for Modera Boca apartments in downtown Boca Raton

Boca Raton, Florida, September 9, 2025

News Summary

Developers secured a $100.9 million construction loan to build Modera Boca, a mid-rise apartment complex on a 1.7-acre site at 400 South Dixie Highway in downtown Boca Raton. The purchase closed the same day the condominium association was dissolved and the existing two-story office-condominium will be demolished. Planning documents report between 306 and 358 units across 12–13 stories, with a 464-space parking garage, rooftop pool, courtyard, Zen garden, dog park and a public perimeter park. Local redevelopment officials approved the project; demolition and permitting are the next steps.

Developer group secures $100.9 million construction loan for downtown Boca apartment project

A Boca Raton–based developer partnership obtained a $100.9 million construction loan to build a new multifamily tower on a 1.7‑acre site at 400 South Dixie Highway. The project, marketed under the name Modera Boca, is planned as a mid‑rise apartment building that will replace an existing two‑story office condominium structure on the lot.

What the financing covers and where the project stands

The loan closes as construction financing continues to move in South Florida despite higher interest rates, rising insurance costs and slower lease‑ups in some markets. The developer group paid $18.3 million for the property and completed the purchase and construction financing on the same day they terminated the condominium association that previously managed the office condo building on the parcel.

Project size and design

The planned building is reported with differing specifications in various filings and public materials. One set of figures lists the development as a 306‑unit building with about 12 stories, while another summary lists 358 apartments and a 13‑story tower. The development team is moving forward with designs prepared by a local architecture firm and has secured clearance from the city’s redevelopment authority earlier this summer.

Amenities, parking and public areas

Planned on‑site features include a structured parking garage with roughly 464 spaces, landscaped outdoor features such as a zen garden and a dog park, and a perimeter public park area that will be accessible to the general public as well as residents. Ground‑floor programming is expected to include amenity spaces and some retail. Additional reported amenities in planning documents mention an open‑air courtyard and a rooftop pool.

Site changes and tree removal

The existing office condominium building, completed in the early 1980s, will be demolished to make way for the residential replacement. City hearings reviewed the project and included discussion of two existing banyan trees that city planners and the project team determined were not healthy enough to relocate. A new public park tied to the project will include about a dozen new trees to offset on‑site removals.

Community response and approvals

The redevelopment received approval from the local redevelopment agency in July. Public comment at municipal meetings included support from some nearby property owners who view the project as an upgrade to a neglected stretch of Dixie Highway, while others raised concerns over the building’s scale and the loss of mature trees. City leadership indicated the project aligns with downtown revitalization goals.

Developer background and regional context

Both development partners are locally based and are active across South Florida. One partner reports a nationwide portfolio of communities totaling tens of thousands of units either completed or under construction. The duo also have other multifamily projects in the region, including larger towers planned near transit hubs. The loan for this project is one of several recent sizable construction financings in South Florida — other recent deals include mid‑nine‑figure packages and multi‑million dollar loans for garden‑style and station‑area apartment complexes.

Why this matters

The deal illustrates that development activity and financing remain available for well‑located multifamily projects in South Florida, even as the market adjusts to higher carrying costs. The project’s proximity to a regional rail station and city center positions it to capture demand from young professionals and families seeking transit‑oriented options in the downtown area.

Next steps

With construction financing and municipal approvals in place, the team plans to begin demolition and site preparation in the near term, followed by vertical construction. Project timelines, exact unit counts and final floor counts will be finalized as building permits are issued and construction progresses.

Frequently Asked Questions

What is the size of the construction loan?

The construction loan secured for the project totals $100.9 million.

How many apartments will the project include?

Public materials report differing figures: one set lists 306 units, while another summary lists 358 units. Final unit counts will be confirmed in permit documents.

What will be built on the site?

The existing two‑story office condominium will be demolished and replaced with a mid‑rise residential tower that includes structured parking, landscaped open space and ground‑floor retail or amenity areas.

Has the city approved the project?

The local redevelopment agency approved the plan in July. Additional permits and construction approvals are pending as the project advances.

When will construction start?

Demolition and site work are expected to begin after closing and permit approvals. The development team has completed the land purchase and financing, which clears the way for near‑term mobilization.

Key project features

Feature	Detail
Location	400 South Dixie Highway, downtown Boca Raton
Site size	Approximately 1.7 acres
Construction financing	$100.9 million construction loan
Purchase price	$18.3 million for the development site
Planned units	Reported figures vary: 306 units or 358 units (to be finalized)
Stories	Reported as 12 or 13 stories in different summaries
Parking	Planned garage with roughly 464 spaces
Amenities	Zen garden, dog park, public perimeter park, rooftop pool and interior amenity areas reported in planning materials
Architect	Local architecture firm engaged for design
Approvals	Project approved by the city redevelopment agency in July; additional permits pending

Deeper Dive: News & Info About This Topic

Additional Resources

• The Real Deal: Mill Creek Group P6 nab construction loan for Modera Boca
• Wikipedia: Modera Boca
• South Florida Agent Magazine: Modera Boca
• Google Search: Modera Boca
• REBusiness Online: City of Boca Raton approves Modera Boca
• Google Scholar: Modera Boca
• Sun-Sentinel: 300 new Boca Raton residences planned
• Encyclopedia Britannica: Modera Boca
• ConnectCRE: Mill Creek building 13-story Boca Raton apartment building
• Google News: Modera Boca