REBusinessOnline

Aztec Group Arranges $247.5M Financing for Downtown 5th Apartment Community in Miami

Downtown 5th

Downtown 5th offer one-, two- and three-bedroom floor plans that range in size from 650 and 1,200 square feet.

MIAMI — Aztec Group has arranged $247.5 million in debt financing for Downtown 5th, an apartment community in downtown Miami spanning 1,042 rental apartments and 13,261 square feet of retail space. Peter Mekras of Aztec Group arranged the financing on behalf of the developer, Miami-based Melo Group.

Berkadia’s Miami office acted as seller-servicer for the Freddie Mac loan. The 10-year loan features a fixed interest rate and is full-term interest only.

Downtown 5th opened for occupancy in July of 2021 and almost every unit was leased in under seven months, or approximately 150 units per month. Downtown 5th offer one-, two- and three-bedroom floor plans that range in size from 650 and 1,200 square feet. Monthly rental rates range from approximately $1,700 to $4,000. The property is located at the corner of 5th Street and North Miami Avenue adjacent to the College North Metromover station.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ NAI Global
‣ Walker & Dunlop

Subscribe to the newsletter
Conferences


Webinars on Demand


Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties