The Astor Companies closed on $59 million in construction financing for Merrick Manor in Coral Gables, the developer said on Wednesday.
Florida Community Bank provided the 24-month loan for the 10-story, 227-unit condo development at 301 Altara Avenue. The Weston-based bank also financed construction of InTown in Little Havana, which Astor completed and sold last year.
Crews are working on the seventh floor of the project and are expected to top off in a couple of months, developer Henry Torres said. To date, Astor has funded construction with sales deposits to avoid costs associated with extending a construction loan, which could total up to $350,000 for a loan of that size, including legal fees, he said.
The development has a projected sellout of about $150 million, Torres said. It’s 50 percent sold, mostly to local buyers as well as those from Venezuela and Haiti. Remaining units are priced from the $500,000s to up to $2.5 million, and range from 574 square feet to more than 3,400 square feet. One Sotheby’s International Realty’s Ivan Ramirez and Neybis Sanchez are handling sales. About 10 additional presales are in the works.
Astor plans to deliver Merrick Manor during the fourth quarter of next year. Behar Font & Partners is designing the Mediterranean-style building with Interiors by Steven G. Amenities will include a business center, club lounge, fitness center and a pool. Merrick Manor will also have about 19,000 square feet of retail space on the ground floor. Torres said he’s in talks with a restaurant chain, coffee shop and a small fitness center that would offer classes like yoga and Pilates.
Astor first launched presales for the building in 2013, but the project was on hold due to a failed land swap between the city of Coral Gables and the developer.
Nearby developments include Laguna House, a boutique condo project planned for the Shops at Merrick Park. Prices at the 13-unit project range from 1.5 million to $3.2 million.