Miami-based Melo Group closed on a $39.2 million construction loan for its BayHouse condominium tower, which is under construction in Miami’s hot Edgewater neighborhood.
Florida Community Bank made the loan this week for the 38-story tower going up at 600 NE 27th Avenue.
Banks are gradually returning to construction lending for South Florida condo projects after taking a beating in the real estate bust; but typically today’s loans are at conservative loan-to-cost ratios and with solid developers.
Melo, a major player in the Edgewater area, said it’s using equity and deposits from unit buyers to finance most of the BayHouse project. Melo said it has already completed $89 million in sales, covering 81 percent of the units.
Construction on the 165-unit condo high-rise has already reached the sixth floor. The project is set to be completed in early 2015, according to Melo Group.