Melo Group scores construction loan for Melody

Melody rendering
Melody rendering

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.

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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