On August 19, Melo Group announced that they had successfully closed a $95 million loan from Ocean Bank to fund the construction of Aria on the Bay Condominiums.

The project, which will include 647 units of luxury condominiums at 1770 N. Bayshore Dr. Site development, is already underway, with vertical construction set to begin in September. The condominiums are expected to be completed in 2017.

Carlos Melo, co-principal of the Melo Group, said the loan bodes well for the development.

“It is always good to get the endorsement of a reputable financial institution,” Melo said. “Obtaining this loan says a lot about…our financial strength. [Financial strength] is something a condo buyer wants to know about a developer when making a deposit to buy a unit.”

Once completed, Aria on the Bay will offer one-, two- and three bedroom condos, as well as exclusive three-story upper penthouses, with prices ranging from the $400,000s to more than $12 million. Some amenities will include: European-style kitchens, four pools on the 14th floor, outdoor summer kitchens, private spa and massage treatment facilities, and 20,000 square feet of commercial space in the lower floors, which will include office, retail and restaurants.