Merrick Manor Secures $59 Million Construction Loan

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Rising in the heart of Coral Gables, Merrick Manor, part of ONE SIR’s development division, recently obtained a $59 million construction loan from Florida Community Bank to help bring the project to life.
On going at 301 Altara Ave. the luxurious project will feature 227 residences throughout a 10-story building by the pioneering Miami developer, The Astor Companies.

The 24-month loan is not the first one The Astor Companies received from the Weston-based bank. The bank, also financed InTown, a development in Little Havana, which was completed and sold last year by Astor.

According to Henry Torres, President, CEO and Founder of The Astor Companies, the loan not only represents an important milestone for the project, but also sends a positive message to the market place as it continues the momentum of the development.

The 227 residences at the Mediterranean Villa style condo will start at $499,900, and feature top notch amenities embracing all the luxury and lifestyle of “Gables Living. ”

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