MIAMI—Melo Group, the Miami-based developer behind Bay House Condominium, is winning the confidence of lenders. Melo just closed a $39.2 million loan at Florida Community Bank to fund development of the 38-story luxury condominium.

Located at 600 Northeast 27th Avenue in Miami's East Edgewater neighborhood, construction on Bay House began in December 2013. Builders have already reached the sixth-floor level, setting the stage for open doors in early 2015. Bay House has finalized more than $89 million in sales, representing over 81% of its 165 units.

“We are not sure if we are going to need to tap into this source of funding to complete Bay House, but it is always good to get the endorsement of a reputable financial institution,” says Carlos Melo, principal with Melo Group. “Obtaining this loan says a lot about our trustworthiness, our track record and, most importantly, about our financial strength. That is something a condo buyer wants to know about a developer when making a deposit to buy a unit."