Melo Group Secures $40 Million Construction Loan for the Development of Miami's Bay House Condo

MIAMI - April 1, 2014 - PRLog -- Miami-based real estate developer Melo Group announced today the successful closing of a $39.2 million loan from Florida Community Bank to fund construction of the Bay House (http://www.bayhousemiami.com/), a 38-story luxury condominium under development at 600 NE 27^th Avenue in Miami’s East Edgewater neighborhood. Construction of Bay House began in December 2013 and has already reached the sixth-floor level, with completion slated for early 2015. Bay House has finalized more than $89 million in sales which represent over 81 percent of its 165 units.

“We are not sure if we are going to need to tap into this source of funding to complete Bay House, but it is always good to get the endorsement of a reputable financial institution,” said Carlos Melo, principal with Melo Group. “Obtaining this loan says a lot about our trustworthiness, our track record and, most importantly, about our financial strength. That is something a condo buyer wants to know about a developer when making a deposit to buy a unit."

Upon completion, Bay House’s luxury residences will be comprised entirely of three-bedroom floor plans ranging from 1,600 to about 3,100 square feet in size. Units will feature private and semi-private elevators, premium appliances and finishes, and panoramic views of Biscayne Bay. Amenities at the boutique building will include a 20,000 square foot resort deck complete with a swimming pool, Jacuzzi, outdoor lounge, cabanas and barbeque pavilion. Prices range from the $550,000’s to more than $2.7 million for exclusive penthouse units.

Bay House is located in the heart Miami’s East Edgewater neighborhood, which stretches along Biscayne Bay east of Biscayne Boulevard between the Julia Tuttle and McArthur Causeways, just north of Downtown Miami and directly west of Miami Beach. The fast-growing residential and commercial district offers direct access to Miami’s major arts and entertainment venues, public transit connections, and Miami International Airport. The adjacent Midtown, Wynwood and Design District neighborhoods are among Miami’s top destinations for shopping, dining and culture.

Bay House is one of the many residential developments Melo Group currently has underway in Miami’s urban core. The firm is also building luxury apartment buildings to meet the needs of professionals seeking to live within close proximity to Miami’s largest employment districts such as Brickell, Downtown, and the Health District. Melo recently topped-off construction at Flagler on the River, a 250-unit luxury rental tower, which will include residential, office and prime retail and restaurant space fronting the Miami River. With pre-leasing currently underway, Flagler on the River is on schedule to open this summer in June 2014. Melo is also preparing for the construction of Melody Tower, a 497-unit luxury rental tower, which will rise directly next to the Adrienne Arsht Center for the Performing Arts in Downtown Miami.

For more information about Bay House, including preconstruction sales opportunities, please contact Cervera Real Estate at (305) 573-0666 or visit the Bay House Sales Center at 250 NE 25 Street, Suite 101. Learn more at www.bayhousemiami.com.