Melo Group has secured $142 million in debt financing for Square Station, a 710-unit community in downtown Miami. The 34-story twin tower property also includes 20,000 square feet of retail and launched leasing in June.
Aztec Group arranged the deal on behalf of Melo Group. The 10-year fixed-rate loan was provided by Freddie Mac and features full-term interest only and an aggressive spread over the treasury. Managing Director Peter Mekras arranged the financing.
“Even with premier sponsorship and an exceptional multifamily asset, our investment banking process was required to deliver long term loan terms worthy of the opportunity,” said Mekras in prepared remarks. “Our process mitigated Square Station’s limited stabilized operating history and Miami’s perceived housing supply concerns.”
The community offers a mix of one-, two- and three-bedroom units and is now 95 percent occupied. Square Station is located at 1424 NE Miami Place, adjacent to the School Board Metromover Station in the Arts and Entertainment District. Resident amenities include a fitness center, clubhouse, swimming pool, spa, covered parking and controlled access.
Melo Group topped off construction on Square Station in September 2017. The developer has two other multifamily projects in the works nearby: the 667-unit Art Plaza Apartments and the 648-unit Aria on the Bay.
Image courtesy of Aztec Group