MIAMI—Melo Group just closed a $95 million loan to fund the construction of Aria on the Bay. Miami-based Melo tapped Ocean Bank for the funds.

Aria on the Bay is a 647-unit luxury condominium under development at 1770 North Bayshore Drive in Downtown Miami's Arts & Entertainment District. The 53-story Arquitectonica-designed tower's bayfront location overlooking Margaret Pace Park with direct Biscayne Bay and the Miami Beach skyline views. Site development is already underway and vertical construction set to begin next month, with delivery slated for 2017.

“We are not sure if we are going to need to tap into this source of funding to complete Aria on the Bay, but it is always good to get the endorsement of a reputable financial institution,” says Carlos Melo, principal of Melo. “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."