Aztec Group Arranges $22.3 Million In Debt Financing For Melo Group Project In Miami

Aztec Group‘s Peter Mekras has arranged $22.345 million in debt financing for Oak Plaza in Miami.

Oak Plaza consists of 156 rental apartments and is located in Miami’s Health District at 1415 NW 15 Ave.

Oak Plaza was built in 2012 by Miami-based and privately held Melo Group. The property benefits from the robust growth occurring in Allapattah as well as its proximity and walkability to Publix and other retailers at River Landing.

Melo Group continues to grow its rental portfolio with the delivery of 560 units at Downtown 1st earlier this year and 441 units just completed at Urban 22. Urban 22 is located on the edge of Wynwood in the heart of Edgewater and Downtown first is located in the epicenter of Miami’s central business district.

Oak Plaza was Aztec Group’s third exclusive financing assignment with Melo in the last twelve months. The financing opportunity was awarded to Freddie Mac, a lender that Melo has a long-standing and established relationship with. The current $22.345 million, 10-year loan features a fixed rate and is full-term interest only.

“The Oak Plaza refinance represents a continuation of the sponsor’s unique business model of building large scale apartment communities and owning them for the long term.” said Mekras, President of Aztec Group.

Aztec’s team remains active with over $425 million closed sales, joint venture equity, and debt financing transactions in just the last six months.