News – Aztec Group, LLC

Miami Design District Building Slated for Renovations

AG-Admin — Sun, 08 Nov 2020 16:18:11 +0000

A building in the Miami Design District will undergo a major renovation after the developer secured a $11.93 million loan.
Centennial Bank awarded the mortgage to 4141 Design LLC, led by Remy Jacobson of Miami Beach-based JCube Development. The loan was brokered by Aztec Group’s Charles Penan, Howard Taft, and Joel Zusman.
The 15,843-square-foot office building at 4141 North Miami Ave. will receive a full renovation, with 6,100 square feet on the first floor converted to retail/office/gallery space, the second and third floors prepared for office tenants, and a 4,000-square-foot event space on the roof. It will be rebranded 4141 International Design Center.
The Miami Design District has attracted many luxury retailers and restaurants, and the neighborhood has a history of art galleries.
“Similar to the neighborhood where it is located, the 4141 International Design Center will evolve from one of the first design coworking office buildings in the early 1960’s to a modern 21st century office building in the world-renowned Miami Design District,” Penan said. “The property’s Historic and Environmental Preservation Board approval assures that the historical character of the building will remain intact, while entering its next phase in one of Miami’s most vibrant and walkable submarkets”
Jacobson’s company acquired the building for $10.5 million in 2016. Shulman + Associates was the architect on the project.

Aztec Group secures $18.5M loan for Broward shopping center

AG-Admin — Sun, 08 Nov 2020 13:38:52 +0000

The Miami-based real estate agency Aztec Group secured the loan from the insurance company Continental Casualty Co., a subsidiary of the Chicago-based CNA Financial Corp. (NYSE: CNA).
Howard Taft, senior managing director for Aztec Group, told the Business Journal that the deal was struck to refinance an existing construction loan used to build the shopping center, which opened in 2017.
Terms secured included a five-year, no-recourse, fixed-rate loan at a favorable interest rate, he said.

Argentine developer Melo Group secures $142M refinancing loan on downtown project

AG-Admin — Sat, 07 Nov 2020 19:06:53 +0000

Father-and-sons developer team with a history of refinancing its completed projects —and investing the money in future land purchases and buildings —has gotten another loan. The Miami-based Melo Group secured a $142 million debt financing loan on Thursday for its completed rental apartment building Art Plaza at 58 NE First St. The loan is a 10-year, fixed-rate permanent refinance on the original $85 million construction loan used to build the 667-unit building. Peter Mekras, president of Coconut Grove-based real estate firm Aztec Group, secured the loan on behalf of the Edgewater-based developer.

It is the 10th refinancing loan Mekras obtained for the Melo Group in the past decade, he said. The most recent loan he secured was also worth $142 million for the 710-unit Square Station in 2018. Mekras said the Melo Group’s business model revolves around investing its profits into a new business venture. “They buy land,” he said. “I’m not aware of any new acquisition [they’ve made], but I wouldn’t be surprised to hear of one, because they use [the money] to buy more land and build more buildings.” The Melo Group filed for approval in July to build Edgewater’s tallest residential twin towers Island Bay. In addition to the 60-story buildings with a combined 783 units, the Melo Group would add a community park and pave a 480-foot Baywalk in front of its property at 700 NE 24th St. The Melo Group, led by the Argentine-born Jose Luis Ferreira de Melo and his sons Carlos and Martin, saw potential for residential development in Edgewater and neighboring Arts & Entertainment district when few firms did eight years ago. They have four projects in the Arts & Entertainment district, including Melody, Square Station, Art Plaza and under-construction Miami Plaza.