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Melo secures $85M construction loan for Miami mixed-use project

Real estate developer Melo Group finalized an $85 million construction loan for two 34-story buildings at 58 Northeast 14th St. in Miami, The Real Deal reported.

Ocean Bank is providing the financing for Art Plaza, which is expected to open in mid-2019, according to the report.

The property will feature 577 two-bedroom apartments and 90 one-bedroom units along with approximately 11,800 square feet of ground-floor retail and restaurant space.