Melo Group secures $142m for Square Station in Miami
The Melo Group secured $142m in permanent financing for its mixed-use scheme Square Station. Aztec Group arranged the deal on behalf of Melo with a 10-year fixed-rate loan provided by Freddie Mac. The 34-story tower is located in Miami’s Edgewater district, near the Arsht Center. Totaling 710 apartments, the building also includes an attached parking structure with 946 spots and 20,000 sq ft of retail and restaurant space. Melo bought the 1.37-acre site in 2014 for $7.85m.
“Even with premier sponsorship and an exceptional multifamily asset, our investment banking process was required to deliver long-term loan terms worthy of the opportunity,” said Peter Mekras, managing director of Aztec Group. “Our process mitigated Square Station’s limited stabilized operating history and Miami’s perceived housing supply concerns.”