Melo Group, the family-run development firm, has received $22 million in fresh financing for one of several residential projects it is building in Miami’s Edgewater neighborhood.
One month after beginning construction on the 12-story 26 Plaza tower, Melo obtained a $22 million loan for the 162 NE 25th Street project from Florida Community Bank. Miami-Dade County recorded the transaction on Friday.
Founded by Jose Luis Melo and sons Carlos and Martin, Melo Group began buying land in Edgewater in 2001. Since then, Melo has developed 10 rental and condo projects totaling more than 1,700 units in the area.
Other developers and land-bankers are also focusing heavily on Edgewater, located between Biscayne Bay and Biscayne Boulevard and between Interstates 195 and 395. – Eric Kalis