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
Edgewater Tower (iStock)
Miami board rejects Aimco’s proposal for waterfront Edgewater tower
Miami board rejects Aimco’s proposal for waterfront Edgewater tower
The tower at 2150 North Bayshore Drive in Miami with Air Communities CEO Terry Considine and Mill Creek Residential CEO William MacDonald (Mill Creek Residential, Air Communities, iStock)
Aimco’s spinoff Air Communities pays $211M for bayfront Edgewater rental tower
Aimco’s spinoff Air Communities pays $211M for bayfront Edgewater rental tower
Edgewater Florida (iStock)
Here are the resi projects planned for Miami’s Edgewater
Here are the resi projects planned for Miami’s Edgewater
Aimco's Wes Powell with Edgewater (Aimco) Miami, High Rise
Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
A rendering of the planned project with the Two Roads principals Reid Boren, Taylor Collins and partner Jim Harpel (Two Roads Dev)
Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
PR Group Florida's Christophe Petit and Julien Ridon and Octavio Maza with 423 Northeast 27th Street (Vendôme Capital, Porosoff Group, Google Mpas, iStock)
Vive la Miami: French developer acquires Edgewater site for $15M for first U.S. project
Vive la Miami: French developer acquires Edgewater site for $15M for first U.S. project
Rendering of Two Roads Development’s planned 3-tower redevelopment of the Biscayne 21 condo property in Miami with Taylor Collins of Two Roads Development (Two Roads Development)
Two Roads plans bulk purchase of bayfront Miami condo building, to replace with luxury towers
Two Roads plans bulk purchase of bayfront Miami condo building, to replace with luxury towers
Madison Realty Capital’s Brian Shatz, Josh Zegen and Diana Group's Jaime Murra with 430 Northeast 31st Street (Concordia, Google Maps)
Colombian developers score $55M construction loan for Edgewater apartment project
Colombian developers score $55M construction loan for Edgewater apartment project
arrow_forward_ios

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

Loading...