Developers Purchase Bay Condo in Edgewater
Apr 11, 2014 April 11, 2014
The Edgewater neighborhood has a new project being developed on the bay. The Melo Group is coming to the area, and will design and create a tower called the Bay House condo tower on Northeast 27th Avenue.
Melo Group received a $39.2 million loan to start construction of the Bay House, and it will reach completion early 2015. The condo itself will be 38 stories tall, with 165 condo units, and nearly 80% of these Bay House condos have already been presold.
Carlos Melo of the Melo Group believes that the preselling of the condos may cause them not to need the loan. “We are not sure if we are going to need to tap into this source of funding to complete Bay House,” Melo said, “but it is always good to get the endorsement of a reputable financial institution.”
Recently, lenders have been growing confidence in the expansion of the Edgewater district. Banesco USA Bank offered mckafka Development Group a $16 million loan for the Crimson project, and a group of investors gave the Related Group a $31 million mortgage for the Icon Bay project in Edgewater.
Photo credit: Bay House renderings - bayhouse.com