Aztec Group‘s Peter Mekras arranged $48 million in debt financing for One Plaza in Miami.
One Plaza was developed by Miami-based Melo Group. Melo Group is privately held and builds for their own account. One Plaza consists of 188 rental apartments and 45,000 square feet of office space and retail space. One Plaza was built in 2009 in the West Brickell Submarket on SW 1st Avenue, adjacent to I-95 and Metrorail. Melo Group owns other mixed-use apartment communities in Downtown, Brickell, and Edgewater and is underway with construction of two other rental communities in Edgewater and Downtown Miami in addition to for-sale projects.
One Plaza was Aztec Group’s fourth exclusive financing engagement by Melo Group over the last twelve months. The financing opportunity was awarded to Ocean Bank. The refinanced loan was for $48 million and featured a 7-year fixed rate and is full-term interest only.
Mekras previously financed One Plaza with Fannie Mae in 2012. Aztec Group has closed over $450 million in financing for Melo Group over the last twenty-four months.
“Over 44,000 square feet of commercial space that is primarily office created a challenge. Aztec ran a full investment banking process to ensure the best execution for Melo Group and Ocean Bank a relevant capital source in South Florida and a true relationship lender stepped up for a great opportunity. Ten years ago when I originally financed One Plaza in 2012 for $38.5 million, the property’s location in West Brickell on the edge of the Roads was an emerging market and today it’s a AAA 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 $800 million in recently completed sales, joint venture equity, and debt financing transactions in 2022.
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