Melo Group Scores $85M Financing for Residential Towers
- Jun 07, 2018
Ocean Bank has provided an $85 million construction loan to the Melo Group for the development of Art Plaza Apartments, two 34-story multifamily towers totaling 667 units, in the heart of downtown Miami.
Located at 58 NE 14th St., the transit-oriented development is situated just west of the Adrienne Arsht Center for the Performing Arts and only a block from the Miami-Dade Metromover School Board Station. Art Plaza will consist of 90 one- and 577 two-bedroom units. Amenities will include a fully equipped fitness center, a resort-style swimming pool and pool deck, a Jacuzzi, security-controlled remote access and a social room for residents. There’s also 11,764 square feet of street-level retail and restaurant space and 946 parking spaces.
“We’ve been pleased with our longstanding relationship with Ocean Bank over the years and look forward to working with the bank again in our future development endeavors,” observed Principal Martin Melo.
Construction is already underway at Art Plaza and the project is slated for completion sometime in mid-2019.
Attracted to Miami
The Melo Group also recently completed the construction of Square Station, a 710-unit apartment complex located next door to where the new towers are going in. The neighborhood also includes Melo’s 497-unit Melody Tower, located just east of Art Plaza and Square Station.
In May, Melo Group completed construction on Aria on the Bay, a 53-story luxury condominium tower in downtown Miami’s Arts & Entertainment District. Other Miami developments for the company are located in the Greater Downtown Miami area, including the Edgewater and Brickell neighborhoods. Overall, it owns approximately 5,000 residential units in the area and has developed more than 8,000 units across the Americas.
“Melo Group has an exceptional track record of developing quality Class A multi-family residences in Miami,” noted Ocean Bank Executive Vice President Ralph Gonzalez-Jacobo. “We have a long-term relationship with Melo Group and are pleased to be involved in another of their high-rise projects.”
Holland & Knight LLP’s Elena Otero represented Ocean Bank in the deal, while Florentino Gonzalez from Shutts & Bowen facilitated the deal on behalf of The Melo Group.
Image courtesy of The Melo Group