Aztec Group Arranges $21.7 Million In Debt Financing For Mixed-Use Project In Miami

Aztec Group‘s Peter Mekras has arranged $21.7 million in debt financing for Second Plaza in Miami.

Second Plaza was developed by Miami-based Melo Group.  Melo Group is privately held and builds for their own account.  Second Plaza consists of 90 rental apartments and 9,642 square feet of ground floor retail.  Second Plaza was built in 2011 on NE 2^nd Avenue and 25^th Street.  Melo Group owns other mixed-use apartment communities adjacent to the east and west and will soon begin development of another rental community on NE 2^nd Avenue and NE 22^nd Street.

Second Plaza was Aztec Group’s third exclusive financing assignment with Melo in 2021.  The financing opportunity was awarded to Freddie Mac, a lender that Melo has a long-standing and established relationship with.  The current $21.7 million, 10-year loan features a fixed rate and is full-term interest only.

This is the 12^th loan Mekras has placed for Melo Group.  Aztec Group recently closed a $99 million loan for Melo Group for Miami Plaza.  Mekras previously financed Second Plaza with Freddie Mac soon after the property’s completion ten years ago in 2011.

“Second Plaza was located in an emerging location in 2011 when I originally financed the property for $12 million. Today, Second Plaza has benefited from a decade of strong performance and is at a premier corner with active foot traffic within a dense infill location.” said Mekras, President of Aztec Group.

“Melo Group continues to acquire land and deliver the housing Miami needs to sustain its robust population and job growth.  Aztec is pleased to be a part of Melo Group’s unparalleled effort to deliver needed rental housing in close proximity to job centers, mass transit, and within Miami’s highest barrier to entry markets.” 

Aztec’s team remains active with over $1 billion in recently completed sales, joint venture equity, and debt financing transactions in 2021.