Aztec Arranges $142M Loan for Melo Group’s 667-Unit Art Plaza Community in Miami
MIAMI — Aztec Group Inc. has arranged $142 million in agency debt financing for the developer Melo Group’s new Art Plaza development in Miami. Berkadia’s Miami office will act as seller-servicer for the Freddie Mac loan. The 10-year loan features full-term interest-only payment and a fixed interest rate under 3.5 percent. Aztec’s Peter Mekras arranged the financing on behalf of Melo, which is using the loan to refinance an $85 million construction loan for the project.
Located at 58 NE 14th St. in Miami’s Arts & Entertainment District, the Art Plaza multifamily tower consists of 667 rental apartments and 15,000 square feet of retail space. The building, which opened in June, is now 95 percent occupied. Located one block from the Metromover School Board station, Art Plaza features a pool, fitness center, social lounge and covered parking.