Miami Community Scores $142M Financing
- Dec 13, 2019
Melo Group has secured $142 million in debt financing for its downtown Miami property, Art Plaza. Aztec Group arranged the 10-year Freddie Mac loan features full-term interest-only and a fixed rate less than 3.5 percent.
Located at 58 NE 14th St., Art Plaza comprises 667 units in two 34-story buildings. While offering one- and two-bedroom floorplans, the property also has 15,000 square feet of retail space. The building’s amenities include a covered parking garage, swimming pool, fitness center and a social center. Art Plaza is also located a block away from School Board station for Miami Dade Transit’s Metromover train.
The massive property had attracted much attention as it commanded a 95 percent occupancy rate in less than six months after opening in June.
In looking for the debt financing, Peter Mekras, Aztec’s president who arranged the loan, said in a prepared statement they sought quotes from banks, agencies, pension fund advisors, private equity, and financial and life insurance companies before going with Freddie Mac via Berkadia’s Miami office as its seller servicer.
MELO GROUP IN MIAMI
According to Mekras, this is the 10th loan that he’s secured for Melo Group. In December 2018, Mekras also arranged another $142 million in debt financing for Melo’s Square Station, a 710-unit community also in downtown Miami. On top of Square Station, Mekras also secured a $108 million loan for Melody Tower, Melo Group’s 497-unit multifamily property in Miami.
Despite the many completed projects under their belt, Melo Group is still building in Miami. Currently, the company is constructing the 437-unit Miami Plaza that will be adjacent to its Square Station property. According to Melo, the string of developments are part of its plan to bring more than 2,300 transit-oriented rental units to the neighborhood.