Melo Group gets $39.2 million loan for BayHouse condo
Miami Herald
BY MARTHA BRANNIGAN
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.
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