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.

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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.

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“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. ”

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Melo has good timing with its multifamilyproject. The demand for quality rentals in Downtown Miami is risingrapidly. Melody hopes to turn the heads of professionals who workin the area.

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With all the amenities and a strategic location, Melody lookslike a strong addition to the mix. The residential tower is risingnear a Metromover station and was designed to encourage pedestriantraffic. The multifamily project will offer aground floor restaurant space with outdoor seating opening into aplaza.

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Melo is the latest to win a big loan. In September,Fortune International Group closed a construction loan up to $284 million for JadeSignature. HSBC provided the loan, but was notimmediately available for comment. Less than a week beforethat,

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Cohen Financial inked a mega construction loanfor Muse in Sunny Isles, FL. The real estate capital services firmsecured a $167.6 million loan for the high-end condo.

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GlobeSt.com asked Robert Vahradian, seniormanaging director of GTIS Partners, for histhoughts on the trend. He told us, “In my mind, to get financed, adevelopment should have a strong location, a market-driven andexciting project concept and programming, experienced and wellcapitalized sponsorship and a high level of pre-sales with 40% to50% deposits so as to de-risk the lender's market exposure.”

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