MIAMI—Melo Group just closed a $95 million loan to fund the construction of Aria on the Bay. Miami-based Melo tapped Ocean Bank for the funds.

Aria on the Bay is a 647-unit luxury condominium under development at 1770 North Bayshore Drive in Downtown Miami's Arts & Entertainment District. The 53-story Arquitectonica-designed tower's bayfront location overlooking Margaret Pace Park with direct Biscayne Bay and the Miami Beach skyline views. Site development is already underway and vertical construction set to begin next month, with delivery slated for 2017.

“We are not sure if we are going to need to tap into this source of funding to complete Aria on the Bay, but it is always good to get the endorsement of a reputable financial institution,” says Carlos Melo, principal of Melo. “Obtaining this loan says a lot about our trustworthiness, our track record and, most importantly, about our financial strength. That is something a condo buyer wants to know about a developer when making a deposit to buy a unit."

Aria on the Bay will offer one-, two- and three-bedroom condos, as well as exclusive three-story upper penthouses. Prices range from the $400,000s to over $12 million. Amenities include a resort amenity deck on the 14th floor with four pools—two curved lap/zero-entry pools with sunrise and sunset views, a Jacuzzi hot tub and a separate children's pool—and an expansive sundeck lounge with custom-seated fire pits, barbecue grills and outdoor summer kitchens. Bay House, the firm's last project, sold out.

“We've established strong relationships with the lending community, which is attracted to our fully-integrated approach that takes projects from development to construction,” says Martin Melo, principal of the Melo Group. “We built our last project, Bay House condominium, in 14 months—on time and on budget.”

Aria on the Bay will also sport a private spa and massage treatment facilities; state-of-the-art fitness center and yoga studio; an indoor-outdoor social room; and a private screening room with theater seating. About 20,000 square feet of commercial space, including office, retail and restaurant space, is planned for the ground level.

Melo is also building luxury apartment buildings to meet the needs of professionals that want to live near Miami's Brickell, Downtown, and the Health District. The firm's Melody Tower, a 497-unit rental tower in Downtown Miami currently under construction right next to the Adrienne Arsht Center for the Performing Arts, is should hit the market in early 2016. Nearby, Melo is also planning a mixed-use project expected to include 1,500 rental units, a hotel and ground-floor retail and restaurant space.

Let's review some of Melo's projects. In 2014, Melo topped off construction at Flagler on the River, a 300-unit mixed-use tower in the Miami River District. The building was fully-leased a few months later—before the grand opening.

Melo secured a $40 million construction loan from Florida Community Bank to fund the development of the 165-unit Bay House condominium in April 2014. By that time, the project had already reached the sixth-floor level.

In June 2014, Melo broke ground on the 497-unit Melody Tower, a 36-story luxury rental building currently under construction in Downtown Miami's Arts & Entertainment District next to the Adrienne Arsht Center for the Performing Arts. A few months later, the firm closed on a $67 million syndicated loan provided TotalBank and Sabadell Bank provided to help fund construction.

Melo in August 2014 launched sales for its largest luxury project to date, Aria on the Bay. Finally, in September the firm delivered 25 Mirage, a 171-unit luxury rental building in the Edgewater District. It was 100% occupied in just a few weeks.

The firm's latest wave of development comes on the heels of the delivery of 23 Biscayne condominium, which made headlines when it became the first new condominium to launch and sell-out during the current real estate cycle. That project marked the Miami arrival of the now-popular cash-heavy buyer financing model that is popular in Latin America.