Melo scores $142M refi for Square Station apartments

Developer financed construction with $100M loan from BB&T in 2016

Miami /
Dec.December 14, 2018 05:30 PM

Square Station and Melo Group principals Martin and Carlos Melo

Melo Group just closed on a $142 million refinance for apartments in Miami’s Arts & Entertainment District.

Freddie Mac is providing the 10-year, fixed-rate loan. Berkadia’s Miami acted as the seller servicer, selling the mortgage to Freddie Mac, according to a press release. Peter Mekras of Aztec Group arranged the financing, which is interest-only during the term of the loan.

Melo completed Square Station, a two-tower, 710-unit apartment development at 1424 Northeast Miami Place, in June and it’s now 95 percent leased. The developer is also building Art Plaza, two 34-story buildings with 667 multifamily units at 58 Northeast 14th Street. Melo scored an $85 million construction loan from Ocean Bank for that project this past summer.

For the Square Station loan, Aztec said it obtained quotes from pension funds, financial and life insurance companies, banks, and Fannie and Freddie Mac. The firm said the financing is one of the largest single-asset permanent loans for multifamily in South Florida.

Melo broke ground on Square Station in 2016 with a $103 million loan from BB&T. The project includes about 20,000 square feet of commercial space. Earlier this year, Melo said rents range from $1,500 to $2,700 a month.


Related Articles

arrow_forward_ios
Invesca Development Group’s Bernard and Michael Hsiao with the development site at 4300-4400 Northwest Ninth Court in Plantation (Invesca, Google Maps)
Invesca scores $77M construction loan for Plantation rentals
Invesca scores $77M construction loan for Plantation rentals
From left: Isaac Toledano, Teddy Sagi, Jorge Pérez and Michael Masanoff with a rendering of Transit Village (Related, LinkedIn, Rendering via Arquitectonica)
Pérez and Sagi’s Transit Village in WPB advances
Pérez and Sagi’s Transit Village in WPB advances
MG Developer's Alirio Torrealba with 3191 Southwest 39th Avenue and 3160 Southwest 38th Court (LinkedIn, Google Maps)
MG completes Miami apartments dev site assemblage
MG completes Miami apartments dev site assemblage
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
Embattled developer’s Coconut Grove rentals head to auction
Embattled developer’s Coconut Grove rentals head to auction
Lissette Calderon with 2301 Northwest 33rd Avenue
Calderon pays $32M for dev site near Beckham soccer stadium
Calderon pays $32M for dev site near Beckham soccer stadium
Grant Cardone (Photo courtesy of Cardone)
How Grant Cardone built a real estate empire with other people’s money
How Grant Cardone built a real estate empire with other people’s money
arrow_forward_ios

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

Loading...