Miami-based developer Melo Group, which is building the BayHouse condominium tower in the Edgewater neighborhood of Miami has closed on the $39.2 million loan for the project. The loan was sanctioned by Florida Community bank for the 38-story building which is currently under construction at the 600 NE 27th Avenue.
After taking severe hits in the real estate business, the banks are slowly making their way back investing in the South Florida condo projects. However, the banks are following a rather cautious loan-to-cost ratio approach going for developers with solid background.
Melo stated that the company is utilizing deposits and equity from the unit buyers for financing majority of the BayHouse tower project. As much as $89 million worth of sales have been made so far which comprises about 81 per cent of the units, the company added.
The construction has already reached the sixth floor which is expected to be completed by next year according to Melo Group.
The developers have come up with a plan to build a new tower for the up and coming Midtown area. Bay House Condos, which is being built by Melo Group is already accepting reservations. According to Sky Properties own Luca Migliore, this massive project is expected to include 38 stories and as many as 164 exclusive residences. The project features glass-made balcony railings in the terraces with the panoramic Bay views. This project is also going to feature expansive floor plans, which includes 2/3 plus Den, 3/2.5 plus Den and 3/3.
Artist Rendering- Bayhouse Pool Deck
One of the most amazing features of this project is the massive size of the condos. Unlike many other developers who are building smaller apartments (ranging around 1100 sq Ft), Bay House is going for much bigger 1600 square feet apartments in average. The 05 line located at the south east corner is the primary attraction for many.
The neighborhood is expanding fast and credit goes to the Miami Design District’s retail expansion. As far as staying at Bay House is concerned, you will be right in the center of all actions with the Midtown being only two blocks away in the East, Design District in 10 blocks distance in the north and American Airlines Arena, Performing Arts Center and Miami Art Museum close by.
For more intimate details on Bay House, contact Luca Migliore at (646) 626-3383 or Click Below.
