The Astor Companies scored a $32.4 million construction loan for its planned mixed-income, multifamily project near Miami’s Flagler Street.
Coral Gables-based Astor, led by founder Henry Torres, is developing the 10-story, 199-unit Douglas Enclave at 61 Northwest 37th Avenue. Ocean Bank issued the loan, according to records.
Astor plans to start construction this spring on the property, which spans a 1.1-acre full city block between Flagler and Northwest First streets along Northwest 37th Avenue, according to the company’s website.
Astor, through an affiliate, bought the six-lot property in July 2017 for $5.1 million, a deed shows.
Founded in 2002, Astor has built more than 1,100 condominium units and nearly 500 multifamily units in Florida, Georgia and Louisiana, according to its website. In Miami-Dade County, it focuses on Brickell, Coral Gables, Little Havana, The Roads and South Miami. Among its earlier projects are the Brickell Vista condo tower and the Valencia condo development in South Miami.
Most recently, Astor built the 227-unit Merrick Manor condo project in Coral Gables, which is steps from the Shops at Merrick Park, after securing a $59 million construction loan in 2017 from Florida Community Bank.
Last year, Torres was sued by former Astor employee Roza Radkiewicz, who claimed she was owed $1.1 million in commissions for her work as an in-house sales director and co-owner of Astor Real Estate Group, a brokerage division that sold units at various projects, including Merrick Manor.
The Douglas Enclave loan is the latest in a series of construction loans for South Florida multifamily projects. Terra just scored a $64.8 million loan for the 460-unit Natura Gardens near Miami Lakes; and Eden Multifamily and Cypress Equity Investments nabbed a $23.7 million loan and an $8.6 million preferred equity investment for the planned 212-unit Eden West development in Tamarac.