Melo Group received a $67.1 million construction loan from TotalBank for its Melody apartment project under construction in Miami’s Arts and Entertainment District.
The developer broke ground on the 36-story, 497-unit building last month. TotalBank provided the financing in a transaction announced by a Melo spokesperson on Tuesday. Melody is being built at 245 Northeast 14th Street, adjacent to the Adrienne Arsht Center for the Performing Arts.
Melo hopes to finish the project in early 2016.
“When you have a workforce as big as downtown Miami does, you need to be able to provide quality rentals for many of those professionals,” Melo principal Carlos Melo said. “World-class downtowns, from New York to Buenos Aires, are able to offer a mix of condos and apartments to meet the needs of their day-time and night-time population.” — Eric Kalis