Aztec Group announced that Peter Mekras has arranged $52.2 million in debt financing for 25 Biscayne Park in Miami.
25 Biscayne Park was developed by Miami-based Melo Group. Melo Group is privately held and builds for their own account.
25 Biscayne Park consists of 214 rental apartments and 21,959 square feet of office space and ground floor retail. 25 Biscayne Park was built in 2007 on Biscayne Boulevard and NE 25th Street. Melo Group owns other mixed-use apartment communities adjacent to the east and west and is underway with construction of another rental community on NE 2nd Avenue and NE 22nd Street.
25 Biscayne Park 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 $52.2 million, 10-year loan features a fixed rate and is full-term interest only.
This is the 14th loan Mekras has placed for Melo Group. In 2021, Mekras closed three loans for Melo Group totaling over $368 million and 1,557 units, including a $247.5 million loan for Downtown 5th. Mekras previously financed 25 Biscayne Park with Freddie Mac in 2012.
“25 Biscayne Park was located in an emerging location in 2012 when I originally financed the property for $32 million. Today, 25 Biscayne Park 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.
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