Aztec Group Facilitates $55.6 Million Financing for Arcadia Gardens in Palm Beach Gardens

Aztec Group, a prominent real estate investment and merchant banking firm serving Florida for four decades, has announced its successful arrangement of $55.6 million in bridge financing for Arcadia Gardens, located in Palm Beach Gardens, Florida. This luxury age-restricted rental apartment community, encompassing 220 units across 10.64 acres, represents a significant investment in senior living infrastructure.

Developed in 2021, Arcadia Gardens offers residents a premium living experience coupled with a comprehensive amenity package. The centerpiece is its 15,210-square-foot clubhouse, featuring a plethora of amenities such as a fitness center, salon, movie theatre, and various sports courts including pickleball, bocce, and croquet. The community also boasts a pool, spa, walking trail, community garden, and full onsite dining facilities, ensuring residents have access to everything they need for a fulfilling lifestyle.

Strategically located in Palm Beach Gardens, Arcadia Gardens offers residents the convenience of easy access to over 2.9 million square feet of retail space within a one-mile radius. The proximity to The Gardens Mall, a renowned upscale shopping destination, further enhances the appeal of this vibrant community.

The project is managed by affiliates of the United Group of Companies based in Troy, NY, and Sina Companies of Palm Beach Gardens, FL. The United Group of Companies brings over 50 years of industry expertise to the management of Arcadia Gardens, further ensuring the success and quality of the development.

The financing for Arcadia Gardens was secured through MetLife and provides favorable terms, including full-term interest-only and a 36-month term. Peter Mekras, President of Aztec Group, emphasized the meticulous selection process, stating, “Aztec sourced multiple proposals for the financing of Arcadia Gardens and worked with the sponsors to select the capital source that could move quickly and understood the unique attributes of this age-restricted community.”

Aztec Group's success in arranging nearly $200 million in bridge financing in the first five months of 2024 underscores its expertise and commitment to facilitating transformative real estate projects.

Melo Group Locks Down $99 Million Refinancing For Miami Plaza Apartment Tower In Downtown Miami

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.

Aztec Group Arranges $15 Million Sale Of Miami Gardens Office

Aztec Group, Inc., a Miami-based real estate investment and merchant banking firm, has announced that Peter Mekras and Brell Tarich have arranged the $15,350,000 sale of Lincoln Square, a 116,560 square-foot suburban office complex located at 18405 NW 2nd Avenue in Miami Gardens, Florida. Lincoln Square was built in 1980 and features two 5-story office buildings on 5.78-acres with frontage on SR-7 (441) just one mile north of the Golden Glades Interchange.

Aztec Group was engaged by Miami-based, TM Real Estate Group to run a broad marketing process to sell the property at the end of 2020.  After sourcing and underwriting numerous competitive offers, Aztec assisted the Seller with selecting the buyer, Preminger Investments.  The buyer assumed the existing $11,500,000 CMBS loan secured by the property with a fixed interest rate of 4.86% and approximately 8 more years of amortizing term.  

“Despite the economic impacts of Covid-19, market concerns with current office utilization, and the added challenge of a buyer assuming a CMBS loan, Aztec and TM Real Estate Group were able to execute a successful sale process for Lincoln Square.” said Peter Mekras, President of Aztec Group.  TM Real Estate Group sold Lincoln Square and the adjacent Washington Square for a combined $21,450,000 after acquiring the two-property portfolio, five years ago for a combined $12,600,000. 

The Aztec Group team remains active in the Florida Real Estate Market with over $385 million in recently completed sales, joint venture equity, and debt financing transactions for rental apartment communities, retail, hospitality, office, senior housing, and land.  

Aztec Group Arranges $142 Million In Debt Financing For Melo Group's Art Plaza

Aztec Group, Inc., Florida’s leading real estate investment and merchant banking firm for the past 38 years, announces that Peter Mekras, President of Aztec Group, has arranged $142 million in debt financing for Art Plaza in Miami, Florida, consisting of 667 rental apartments and 15,000 SF of retail space. This is the 10th loan Mekras has placed for Melo Group, who most recently placed $142 and $108 million loans for Melo’s 710-unit Square Station and 497-unit Melody Tower respectively.

Art Plaza was developed by Miami-based Melo Group, a family-owned and operated real estate development firm based in Miami, Florida and specializing in the construction, design and delivery of high-quality residential buildings. Art Plaza opened June 2019, and achieved rapid leasing velocity with 95% occupancy in less than six months. Art Plaza is located at the corner of NE 1st Avenue and NE 14th Street in the heart of Miami’s Arts & Entertainment District, just one block from the Metromover’s School Board station.

Aztec Group was engaged on an exclusive basis by the Owner to conduct a broad investment banking process. The firm obtained quotes from banks, agencies, pension fund advisors, private equity, financial and life insurance companies. After assisting the borrower to analyze numerous quotes and structures, the $142 million loan was awarded to Freddie Mac via Berkadia’s Miami Office as its seller servicer. The 10-year loan features full-term interest-only and a fixed rate under 3.50%.

“Our process mitigated Art Plaza’s limited stabilized operating history and Miami’s perceived housing supply concerns.” said Peter Mekras, President of Aztec Group. “We are pleased to be a part of Melo Group’s unparalleled effort to deliver more than 2,000 units of needed rental housing in the heart of the Arts & Entertainment District.”

Art Plaza marks the third multifamily development that Melo Group has delivered in the Arts & Entertainment District since 2016, and is part of the firm’s larger plan to bring over 2,300 transit-oriented rental units to the growing neighborhood. The firm’s previously completed developments, including the 497-unit Melody apartment tower and 710-unit Square Station towers, all cater to young professionals wanting to live close to their jobs in and around Downtown Miami and Brickell. The firm’s next rental development in the area, the 437-unit Miami Plaza tower, is now under construction adjacent to Square Station on the north side of the Metromover and is slated for completion in mid-2020.