Melo Group has locked down a $99 million refinancing for its recently delivered transit-oriented Downtown Miami apartment tower, Art Plaza. The 36-story, 425-unit Art Plaza, which is located at 1500 Northeast Miami Plaza, is now 95% leased after Melo Group delivered the building in July 2020. The loan is a 10-year, interest-only loan financed by Freddie Mac and arranged by Peter Mekras of Aztec Group. The refinancing will be used to pay off a $62.7 million construction loan from BB&T which was funded in 2019.

Apartments at Miami Plaza feature expansive balconies with bay and city views, floor-to-ceiling sliding doors, energy-efficient tinted glass, European-style kitchen and bathroom cabinetry, granite countertops, double door refrigerators, stainless steel appliances, spacious living and dining rooms, imported ceramic tile and laminated wood flooring, and full-size washer and dryers. Residences at Miami Plaza apartments range from one- to three-bedrooms measuring between 700 to 1,400 square feet. Monthly rental rates initially started at approximately $1,680 for one-bedroom units; $2,100 for two-bedroom units; and $2,640 for three-bedroom units.

Building amenities include a large 70-foot swimming pool, a fully-equipped fitness center, a café social lounge, 24-hour concierge/security, and a multi-level secured garage with valet service.

Miami Plaza marks the fourth multifamily development, and sixth tower, that Melo Group has delivered in the Arts & Entertainment District since 2016 and completes the final phase of the firm’s plan to bring more than 2,300 transit-oriented rental units to the growing neighborhood. The firm’s previously completed developments in the area, all of which are clustered around the Miami-Dade Metromover School Board Station within a few blocks of each other, include the 497-unit Melody Tower, which delivered in 2016; the two-tower 710-unit Square Station, which delivered in 2018; and most recently, the two-tower 667-unit Art Plaza, which delivered in 2019. Melo Group is also developing Downtown 5th at 55 NE 5th Ave, an apartment community with 1,042 rental units spread over two 51-story towers in nearby Downtown Miami.