Success: 95% Of Melo Group’s 425-Unit Miami Plaza Leased In Just 8 Months

Melo Group’s newest apartment tower in the downtown Miami area has been rapidly filled with renters – despite Covid-19.

Miami Plaza began leasing in June 2020 – just as the effects of the pandemic were about to peak in Miami and some shutdowns were occurring.

Despite that, 95% of the 425 apartments in the building were leased just eight months later.

Now, Melo has been awarded a permanent loan for the building.

Peter Mekras, President of Aztec Group, said he arranged a 10-year, $99 million loan, with a fixed rate of just over 3.00%. The loan is full-term interest only.

Financing came from Freddie Mac, with Berkadia’s Miami Office as its seller servicer.

“Our process mitigated Miami Plaza’s limited stabilized operating history, economic impacts of Covid-19, and Miami’s perceived housing supply concerns.” said Mekras.

“Melo Group has created a submarket that didn’t exist just five years ago, and we are pleased to be a part of Melo Group’s unparalleled effort to deliver over 2,500 units of needed rental housing in the heart of the Arts and Entertainment District.”

This is the 11th loan Mekras has placed for Melo Group. Mekras most recently closed a total of $284 million in loans for Melo Group for Square Station and Art Plaza.

Melo is planning to soon open Downtown 5th, twin 52-story towers with 1,042 apartments. The developer also just broke ground on Downtown 1st, with 560 units – their tallest tower ever.

 

 

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Anonymous
4 months ago

Excellent performance. This immediate area was a wasteland for so many years. Now filling up with people whom live and work here. Melo has done so much to bring life to the downtown and surrounding areas. Still waiting on Mr. Mana…………..

Anonymous
4 months ago

And waiting, and waiting…

Anonymous
4 months ago

The aerial pictures show Miami can look similar to Chicago in very little time.

Anonymous
4 months ago

That was my feeling when I moved here. I lived in and have family in Chicago and have also lived in NYC. The layout of Miami really has a striking similarity to that of Chicago. Too bad I-95 isn’t farther to the west, but that can’t be helped

Anonymous
4 months ago

The Melos have delivered significant value for Miami and there’s no end in sight – thank you to the Melo family for your investments in Miami!!

Anonymous
4 months ago

Just re-name it what it is.. the Melo District.

Anonymous
4 months ago

Melo says, “take that WHINERS!”

Anonymous
4 months ago

It took immigrants to do what local developers wouldn’t.. LOL

Anonymous
4 months ago

Typical

Anonymous
4 months ago

or it is the fact that most developers already operating in Miami had their capital tied up in other projects. Therefore, it makes no financial sense for them to just start buying plots of land and building on it. Much easier for an established development company with financial backing to roll into town, scoop up some lots and start building.

Anonymous
4 months ago

Except Mana is also an immigrant.

Anonymous
4 months ago

We are all immigrants here.

Anonymous
4 months ago

They should hurry and build around these buildings because for now it looks like somebody just found a bunch of huge empty parking lots in the middle of nowhere and said I’ll put a tall building right here, here and here

Anonymous
4 months ago

What other lots does Melo own, cant wait for more projects from them

Anonymous
4 months ago

With nicer, creative designs

Anonymous
4 months ago

What you really mean is nicer, creative designs that’s up to your standards.

Anonymous
4 months ago

These look dated already, and they’re not even 5 yrs. old

Anonymous
4 months ago

they do not

Anonymous
4 months ago

Downtown is filling up quickly. Can’t wait for stores to start opening. This area will become the best area in Miami.

Anonymous
4 months ago

Absolutely!

Anonymous
4 months ago

LOL, “best?”

Anonymous
4 months ago

NR Investments states in their website that construction of their tower on the lot around the fire station will begin 1st quarter of 2022.

Anonymous
4 months ago

Keep expanding

Anonymous
4 months ago

These pictures really show how empty the area is. Four lonely towers surrounded by empty lots or warehouses. We have a long way to go. I’d love to see it filled in my lifetime with the metromover turning north to Wynwood and parts north.

Anonymous
4 months ago

This Melo building is actually in a great spot when you consider it. It’s right across the street from Metromover, and you can walk to Wynwood from there, especially once the sun is down. Eventually, the metromover will take you right from there all the way up to DD or down to Financial District. There are a lot of restaurants and bars in that range.

Anonymous
4 months ago

That walk to wynwood is sketchy

Anonymous
4 months ago

Specially after the sun goes down.

Anonymous
4 months ago

yes, a project was planned near the school board in that area but I have n’t heard anything about it lately so I think it’s going to be cancelled I hope melo fills those empty lots soon

Anonymous
4 months ago

Dream on. The best we’ll get with Melo mediocrity is more boring and ugly towers and uglier parking pedestals, and a study showing how foolish it is to expand a system originally built to serve business commuters and tourist can accommodate full-time local residents in its current form.

Anonymous
4 months ago

I’d say you’re about… 97yrs old?

Anonymous
4 months ago

I can’t wait for them to announce their next project on 6th st in downtown, that should fill the gap on the skyline. Melo projects are guaranteed to be built and built and occupied quickly with great benefits to the community

Anonymous
4 months ago

I heard there are very few rentals available anywhere in Miami.

Anonymous
4 months ago

melos buildings fill a need and i live near all of the buildings in omni…and the street level landscaping and retail look great and serve a need to locals…i hope they plan more building in omni on other lots….not like Estafans who were building 7 years ago and still nothing….its a drive in movie theatre …

Anonymous
4 months ago

The estefans are restaurant people.. hopefully they flip the land.

Anonymous
4 months ago

filled despite covid? More like filled because of covid. Miami is full and hard to find rentals/ homes.

Anonymous
4 months ago

the layout may be similar, but our skyline keeps growing with the same rectangular buildings, it is so boring.
I am placing Melo in the same category as Joe Carollo, they need to be STOPPED!!!

Anonymous
4 months ago

This is news? a year later? and they didnt start leasing in June 2020 thye started in Feb 2020.

Anonymous
4 months ago

Are your buildings 95% leased? You should show Melo how it’s done then.

Anonymous
4 months ago

100%