Melo Wins Loan, But May Not Spend It

MIAMI—Melo Group, the Miami-based developer behind Bay House Condominium, is winning the confidence of lenders. Melo just closed a $39.2 million loan at Florida Community Bank to fund development of the 38-story luxury condominium.

Located at 600 Northeast 27th Avenue in Miami's East Edgewater neighborhood, construction on Bay House began in December 2013. Builders have already reached the sixth-floor level, setting the stage for open doors in early 2015. Bay House has finalized more than $89 million in sales, representing over 81% of its 165 units.

“We are not sure if we are going to need to tap into this source of funding to complete Bay House, but it is always good to get the endorsement of a reputable financial institution,” says Carlos Melo, principal with Melo Group. “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."

When finished, Bay House's luxury condos will offer three-bedroom floor plans ranging from 1,600 to about 3,100 square feet. Units will feature private and semi-private elevators, appliances and finishes, and views of Biscayne Bay. Amenities will include a 20,000 square foot resort deck with a swimming pool, Jacuzzi, outdoor lounge, cabanas, and barbeque pavilion. Prices range from the $550,000s to more than $2.7 million for exclusive penthouse units.

Miami's East Edgewater neighborhood stretches along Biscayne Bay east of Biscayne Boulevard between the Julia Tuttle and McArthur Causeways, just north of Downtown Miami and directly west of Miami Beach. The fast-growing residential and commercial district offers direct access to Miami's major arts and entertainment venues, public transit connections, and Miami International Airport. Edgewater is next to Midtown, Wynwood, and Design District, which are among Miami's top destinations for shopping, dining, and culture.

Beyond Bay House, Melo is also building luxury apartment buildings in Miami. Melo recently topped-off construction at Flagler on the River, a 250-unit luxury rental tower fronting the Miami River. Flagler on the River is on schedule to open this summer in June 2014. Melo is also preparing for the construction of Melody Tower, a 497-unit luxury multifamily project that will rise next to the Adrienne Arsht Center for the Performing Arts in Downtown Miami.