The Astor Companies received a $ 32.4 million construction loan for their proposed mixed-income apartment building near Flagler Street in Miami.
Coral Gables-based Astor, headed by founder Henry Torres, is developing the 199-unit 10-story Douglas Enclave at 61 Northwest 37th Avenue. According to records, Ocean Bank made the loan.
According to the company’s website, Astor plans to begin construction this spring on the property, which spans a 1.1-acre block of town between Flagler and Northwest First Streets along Northwest 37th Avenue.
Astor bought the six-lot property in July 2017 through a subsidiary for $ 5.1 million, a deed shows.
Founded in 2002, Astor has built more than 1,100 condos and nearly 500 apartment buildings in Florida, Georgia, and Louisiana, according to its website. In Miami-Dade County, it is focused on Brickell, Coral Gables, Little Havana, The Roads, and South Miami. Previous projects include 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, just steps from the Shops at Merrick Park, after receiving a $ 59 million home loan from Florida Community Bank in 2017.
Last year, Torres was sued by former Astor employee Roza Radkiewicz, who alleged she received $ 1.1 million in commissions for her work as the in-house sales manager and co-owner of Astor Real Estate Group, a brokerage division that Units sold in various locations, owed projects, including Merrick Manor.
The Douglas Enclave Loan is the latest in a series of home loans for apartment buildings in South Florida. Terra has just received a $ 64.8 million loan for the 460-unit Natura Gardens near Miami Lakes; and Eden Multifamily and Cypress Equity Investments have a $ 23.7 million loan