Melo Group Secures $48M Debt Financing from Aztec Group for Miami Mixed-Use
Developer-owner Melo Group has secured $48 million in debt financing for One Plaza, a mixed-use development of 188 rental apartments and 45,000 square feet of office space and retail space located in Miami, FL.
Peter Mekras of real estate investment and merchant banking firm Aztec Group arranged the financing. The opportunity was awarded to Ocean Bank; the refinanced loan featured a seven-year fixed rate and is full-term interest only.
The One Plaza deal was Aztec Group’s fourth financing engagement by Miami-based Melo Group over the last twelve months, including a financing for One Plaza with Fannie Mae in 2012. In addition, Aztec Group has closed over $450 million in financing for Melo Group over the last 24 months.
Melo Group owns other completed mixed-use apartment communities in downtown, Brickell and Edgewater and is underway with construction of both rental and for-sale communities.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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