Berkadia Lends $248M on Miami Luxury Apartments

reprints


Melo Group has sealed a $247.5 million debt package to refinance a Miami mixed-use residential property.

Berkadia originated the Freddie Mac-backed loan on Melo’s Downtown 5th property. Aztec Group’s Peter Mekras arranged the 10-year, full-term interest-only debt financing that features a fixed rate of just over 3 percent.

SEE ALSO: Dolphin Mall in Miami Scores $1 Billion Loan

“The Melos are skilled developers and an outstanding borrower and the type of relationship Freddie Mac is pleased to continue to grow,” Charles Foschini, Berkadia senior managing director, said in a statement.

 Located at 55 NE 5th Street and 25 NE 5th Street, Downtown 5th’s two towers consist of 1,042 luxury rental apartments along with 13,261 square feet of retail space.  The property, which opened in July 2021, has a wide range of amenities including 3,600-square-foot fitness center, conference room, private workspaces, coffee lounge, two swimming pools and a social room.

Monthly rents at Downtown 5th range from $1,750 for one-bedroom units to $4,200 for three-bedroom apartments, according to Apartments.com.

Mekras’ Aztez Group has now facilitated 13 loans on behalf of Melo Group. In 2021 it closed three multifamily financings for the Miami-based developer totaling more than $368 million for 1,557 units.

“Downtown 5th was a very unique assignment, requiring Aztec to source and deliver a very large loan for a single-phase rental apartment community with limited operating history,” Mekras said in a statement.

Officials for Melo Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.