Aztec Group Arranges $30 Million In Debt Financing For Mixed-Use Project In Miami
Aztec Group‘s Peter Mekras arranged $30 million in debt financing for 25 Mirage in Miami.
25 Mirage consists of 171 rental apartments with retail and is located in the Edgewater neighborhoodin Miami, built in 2014 by Miami-based Melo Group. The new loan was used to refinance a $35 million loan.
Melo Group continues to grow its rental portfolio with the delivery of 441-unit Urban 22, completed in 2023, and 824 units under construction at Downtown 6th.
Aztec Group ran a broad process and received proposals for the financing of 25 Mirage from banks, life insurance companies, Fannie Mae and Freddie Mac. The financing was awarded to Ocean Bank. The $30 million loan features a fixed rate and is full-term interest only.
“Aztec was exclusively engaged and sourced multiple proposals for the financing of 25 Mirage. Ocean Bank delivered on a compelling quote reflecting the bank’s confidence in the sponsor and recognition of 25 Mirage’s performance,” said Mekras, President of Aztec Group. “The loan provides the sponsor with flexibility irrespective of Melo Group’s desire to own the property long-term.”
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