Melo Group gets loan for Bay House

Miami /
Apr.April 02, 2014 09:45 AM

Developer Melo Group obtained a $39.2 million construction loan for its Bay House condo tower in Miami’s Edgewater neighborhood.

Florida Community Bank provided Melo with the financing in a transaction that closed Friday, according to a written statement from the developer. Construction of the 165-unit tower at 600 Northeast 27th Avenue is underway, with completion slated for early 2015. More than 80 percent of Bay House’s condos are presold.

Since most of the 38-story tower’s construction is being paid for with buyer deposits and Melo’s equity, the developer might not need to use the bank loan.

“We are not sure if we are going to need to tap into this source of funding to complete Bay House, but it is always good to get the endorsement of a reputable financial institution,” Melo principal Carlos Melo said.

Lenders are showing confidence in Edgewater’s viability. In January, Banesco USA Bank provided mckafka Development Group with a $16 million loan for the Crimson project and a group of lenders gave the Related Group a $31 million mortgage for Icon Bay. — Eric Kalis


Related Articles

arrow_forward_ios
Bay Park at 3301 Northeast Fifth Avenue (Google Maps)
Investment firm makes $130M offer for 60-year-old Edgewater condo complex
Investment firm makes $130M offer for 60-year-old Edgewater condo complex
A rendering of the project and Nicole Kushner Meyer (Kushner)
All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
Jose Luis, Martin and Carlos Melo with renderings of Aria Reserve (Melo Group)
Seeing double: Melo joins Miami condo craze with two-tower Edgewater project
Seeing double: Melo joins Miami condo craze with two-tower Edgewater project
Arch Companies founders Jeffrey Simpson, Jared Chassen and Infinity's David Berg. (Google Maps, Infinity, Getty)
Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
TPG CEO Jon Winkelried with AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard (Hilton, Google Maps)
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Robert Rivani of Black Lion Investment Group and Wynwood Arcade. (LinkedIn, Cushman & Wakefield)
Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso
Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso
Hamilton on the Bay
Battle for their apartments: Hamilton on the Bay tenants in Miami’s Edgewater fight Aimco’s lease terminations
Battle for their apartments: Hamilton on the Bay tenants in Miami’s Edgewater fight Aimco’s lease terminations
2955 Northeast Seventh Avenue and Arte Surfside and Arrington's Coral Gables mansion (Google Maps, Arte, James Irwin / ONE Sotheby’s International Realty)
South Florida by the numbers: The mainstreaming of cryptocurrency
South Florida by the numbers: The mainstreaming of cryptocurrency
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...