MIAMI—Money is pouring into Miami condo developer coffers thesedays. The latest to win the confidence of lenders is MeloGroup. The residential real estate developer justannounced a $67.11 million loan fromTotalBank.

Melody will use the money to help fund the construction ofMelody, a 36-story luxury apartment buildingrising from the dirt at 245 Northeast 14th Street in DowntownMiami's Arts & Entertainment District. That's right next to theAdrienne Arsht Center for the Performing Arts. Construction of the497-unit project began in September 2014, and is expected to becompleted in early 2016.

“When you have a workforce as big as Downtown Miami does, youneed to be able to provide quality rentals for many of thoseprofessionals,” says Carlos Melo, a principal atMelo. “World-class downtowns, from New York to Buenos Aires, areable to offer a mix of condos and apartments to meet the needs oftheir day-time and night-time population. A downtown that onlyoffers condos—many of which are unaffordable to area'sprofessionals—will lag behind major cities. We want to contributeto the evolution of our city. ”