Peter Mekras, managing director with Aztec Group Inc.
The refinancing for the 710-unit Square Station apartments may be the largest single-asset permanent loan placed on a multifamily project in South Florida.
December 27, 2018 at 11:06 AM
1 minute read
South Florida real estate reporter
The twin-tower Square Station apartments in Miami got a $142 million loan illustrating the strength of the multifamily rental market.
Developer Melo Group, which has built and owns apartment and condominium towers throughout Miami’s urban core, obtained the Square Station loan, which was awarded to Freddie Mac with Berkadia as the seller servicer. The Square Station loan that closed Dec. 14 is for 10 years with 1.2 percent over the 10-year Treasury fixed rate.
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