Ocean Bank Supplies $30M Refi for Miami Apartments

Melo Group has sealed a $30 million loan to refinance a Miami apartment building.

Ocean Bank provided the fixed-rate loan on the developer’s 25 Mirage project in Miami’s Edgewater neighborhood, brokerage Aztec Group announced Tuesday.

Aztec Group’s Peter Mekras arranged the transaction, which refinanced a $35 million Freddie Mac-backed loan that Melo received in 2014. The brokerage said it received lending proposals for 25 Mirage from banks, life insurance companies and agency lenders before deciding on Miami-based Ocean Bank. 

Mekras said in a statement that Ocean Bank’s loan reflects “the bank’s confidence in the sponsor” and the performance of the property while providing “flexibility irrespective of Melo Group’s desire to own the property long term.”

Located at 162 NE 25th Street, 25 Mirage consists of 171 apartments, from one- to three-bedroom units, with ground-floor retail. Amenities include covered parking, a pool and a fitness center.

“Melo Group is a market leader in multi-housing in Edgewater and surrounding areas and a valued long-term client of Ocean Bank,” Eddie Diaz, executive vice president and head of corporate lending at Ocean Bank, said in a statement. “We have great confidence in the success of their developments and are proud of our expanding relationship with the group.”

Martin Melo, co- principal The Melo Group, said in a statement that the firm has a “very good relationship with Ocean Bank” and that it appreciates “their support and efficiency in our business dealings.”

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