{"id":1004105307,"date":"2014-10-09T06:35:36","date_gmt":"2014-10-09T14:35:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004105307"},"modified":"2022-12-04T16:43:20","modified_gmt":"2022-12-05T00:43:20","slug":"melo-group-lands-67m-loan-for-market-rate-m-f-high-rise-in-miami","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/melo-group-lands-67m-loan-for-market-rate-m-f-high-rise-in-miami\/","title":{"rendered":"Melo Group Lands $67M Loan for Market-Rate M-F High-Rise in Miami"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Melody.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004105313\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/melo-group-lands-67m-loan-for-market-rate-m-f-high-rise-in-miami\/melody\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Melody.jpg\" data-orig-size=\"905,1500\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1196797806&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Melody\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Melody.jpg?w=618\" class=\"alignright size-medium wp-image-1004105313\" alt=\"Melody\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Melody.jpg\" width=\"181\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Melody.jpg 905w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Melody.jpg?resize=181,300 181w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Melody.jpg?resize=768,1273 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Melody.jpg?resize=618,1024 618w\" sizes=\"auto, (max-width: 181px) 100vw, 181px\" \/><\/a><\/p>\n<p>Melo Group has secured $67 million in financing for construction of Melody, a 497-unit market-rate apartment tower that will sprout up in downtown Miami. TotalBank and Sabadell provided the syndicated loan for the 36-story project.<\/p>\n<p>Melo Group\u2019s call for financing for Melody was like music to the ears of the lending community. Location had more than a little to do with the attraction. The property, which will carry the address of 245 N.E. 14th St., sits across from the Adrienne Arsht Center for the Performing Arts, near a metro station and, perhaps most importantly, its location in downtown Miami places it smack dab in the middle of one of South Florida\u2019s largest employment hubs.<\/p>\n<p>\u201cMelody is one of the few market-rate rental buildings that will be built in greater downtown Miami in this cycle, as skyrocketing land values are making it economically unfeasible for other apartment developers to come in,\u201d a Melo Group spokesperson told <i>Commercial Property Executive<\/i>. \u201cMelo Group acquired the land when values were depressed several years ago. Projects located in areas with high barriers to entry, like Melody, tend to appreciate faster and that is attractive to lenders.\u201d<\/p>\n<p>Lenders were also drawn in by the sponsorship, specifically, the spokesperson added, Melo Group\u2019s \u201cfinancial strength\u201d and \u201cgreat track record.\u201d Over the last 10 years, Melo Group has completed eight market-rate rental buildings in Miami\u2019s urban core, all of which are fully occupied.<\/p>\n<p>Construction of Melody is on schedule to reach completion in early 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Melo Group has secured $67 million in financing for construction of Melody, a 497-unit market-rate apartment tower that will sprout up in downtown Miami. <\/p>\n","protected":false},"author":969,"featured_media":1004105313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742],"tags":[],"class_list":["post-1004105307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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