Mello Group: Melo Group Secures $40 Million Construction Loan for the Development of Miami’s Bay House Condominium

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, a 38-story luxury condominium under development at 600 NE 27th 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.