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Aztec Group Arranges $289M in Debt Financing for Miami’s Downtown 5th
Aztec Group’s Peter Mekras has arranged $247.5 million in debt financing for Downtown 5th in Miami on behalf of owner/developer Melo Group.
The 10-year loan was awarded to Freddie Mac via Berkadia’s Miami office as its seller servicer and features a fixed rate of just over 3.00%. It is full-term interest only.
Mekras has placed 13 loans for Miami-based Melo Group, including three in 2021 totaling more than $368 million and 1,557 units. Aztec completed more than $1 billion in sales, joint venture equity and debt financing transactions in 2021.
Downtown 5th consists of 1,042 rental apartments and 13,261 square feet of retail situated at the corner of NE 5th Street and N Miami Avenue adjacent to the College North Metromover station. The property opened for occupancy in July of 2021 and leased nearly every unit in under seven months (a rate of approximately 150 units per month).
- ◦Financing
