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Melo Group Gets Construction Financing for Art Plaza MF in Miami
Melo Group secured $85 million in financing for the construction of Art Plaza Apartments, a complex comprising two 34-story towers with 667 multifamily units in the heart of Downtown Miami. The transit-oriented development is situated just west of the Adrienne Arsht Center for the Performing Arts, and one block from the Miami-Dade Metromover School Board Station. Construction is underway and is expected to be completed in mid-2019.
“Melo Group has an exceptional track record of developing quality Class A multifamily residences in Miami,” said Ralph Gonzalez-Jacobo, EVP of Ocean Bank, which provided the loan.
Art Plaza, located at 58 NE 14th St., will include 577 two-bedroom units and 90 one-bedroom apartments, along with 11,764 square feet of street-level retail and restaurant space. Elena Otero from Holland & Knight LLP represented Ocean Bank. Florentino Gonzalez from Shutts & Bowen represented the Melo Group.
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- ◦Financing

