BB&T Provides $103M Construction Loan to Melo Group for Square Station High-Rises in Miami

MIAMI — BB&T Bank has provided a $103 million construction loan to Miami-based Melo Group for Square Station, a multifamily development located at 1424 N.E. Miami Place in downtown Miami’s Arts and Entertainment district. Set for completion in 2018, the property will include two 34-story high-rise towers comprising 710 apartment residences and 15,000 square feet of ground-level retail and restaurant space. Situated adjacent to the Miami-Dade Metromover School Board Station, the apartment project will include one-, two- and three-bedroom apartments with rental rates ranging from approximately $1,650 to $2,500 per month. Interiors will include granite countertops, stainless steel appliances, laminated wood floors, porcelain tile and full-size washer and dryers in all units. Community amenities will include a resort-style swimming pool and pool deck, Jacuzzi, fitness center, valet service, covered garage parking, security control remote access and a social room for residents.