Melo Group Secures $52M Loan to Refi Brickell Highrise
By Andrew Coen August 3, 2022 5:05 pm
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Melo Group has secured a $52.2 million debt package to refinance a mixed-use multifamily asset in Miami’s Brickell neighborhood, Commercial Observer has learned.
Berkadia originated the Freddie Mac-backed fixed-rate loan with a 10-year term on the property. The 2007-built asset is a 25-floor property at 25 Biscayne Park that consists of 214 rental apartments, 21,959 square feet of office space and ground-floor retail.
Aztec Group’s Peter Mekras arranged the transaction. The brokerage firm previously financed a Freddie Mac-backed refinance loan for 25 Biscayne Park in 2012.
“25 Biscayne Park was located in an emerging location in 2012 when I originally financed the property for $32 million,” Mekras said in a statement. “Today, 25 Biscayne Park has benefited from a decade of strong performance and is at a premier corner with active foot traffic within a dense infill location.”
The 25 Biscayne Park loan marked Aztec Group’s third deal with Melo over the past 12 months, and 14th deal overall. Last year, Mekras closed three financings for the Miami-based developer involving more than $368 million and 1,557 units, including a $247.5 million loan in December for the Downtown 5th apartments.
Representatives for Berkadia and Melo Group did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
