Pioneering Miami developer The Astor Companies has obtained a $59 million construction loan for Merrick Manor, a luxury residential project rising in the heart of Coral Gables. Work is well underway at the 301 Altara Avenue site of the 10-story, 227-residence project.
Florida Community Bank provided the 24-month construction loan. Additional loan terms were not disclosed.
“This is a significant step for our project,” said Henry Torres, President, CEO and Founder of The Astor Companies. “Securing this loan continues the momentum we have enjoyed since starting vertical construction during the first quarter of 2017. It sends a strong signal to the marketplace.”
The Mediterranean villa-style building is on track for a scheduled completion during the fourth quarter of 2018. Prominent architecture firm Behar Font & Partners, P.A. designed the building, with Witkin Hults Design Group providing landscape design.
Renowned South Florida-based interior design firm Interiors by Steven G. has continued a longstanding relationship with Astor by designing unit interiors at Merrick Manor. Jaxi Builders of Doral is the project’s general contractor.
More than 50 percent of the project is under contract, with prices for remaining units starting in the $500,000s and ranging up to $2.5 million. Units range from 574 square feet to more than 3,400 square feet and are equipped with impact-resistant windows and doors. The project also includes 19,000 square feet of prime ground-floor retail space, which is being marketed by the Astor Real Estate Group.
ONE Sotheby’s International Realty is overseeing residential sales and marketing at Merrick Manor, led by Regional Vice President of Sales Ivan Ramirez and Sales Director Neybis Sanchez.
Merrick Manor is located just steps away from the luxurious retail destination Shops at Merrick Park. Project amenities include 24-hour valet parking, 24-hour front desk concierge service, a business center with computer-ready desks and multimedia screens for presentations and conference calls, a club lounge on the fourth floor, state-of-the-art fitness center and resort-style pool with barbecue areas and a community area with lounge seating.
Prospective buyers who want to experience the Merrick Manor lifestyle can visit the brand-new Sales Gallery located at 4200 Laguna Street. The 5,000-square-foot Sales Gallery showcases a full model one-bedroom unit with a gourmet kitchen, bathroom, living room and master bedroom designed by Interiors by Steven G.
For more information, visit www.merrick-manor.com or contact the team at the Merrick Manor Sales Gallery at (305) 779-6870.