InTown in Miami’s Little Havana lands $47M loan
Miami developer Henry Torres closed Wednesday on $46.7 million in financing for his InTown project, according to Miami-Dade County records.
The construction loan will go toward the mixed-use development in Miami’s Little Havana neighborhood. When completed, InTown will include 312 condos, eight townhomes and 18,000 square feet of retail on the ground floor.
The two 14-story towers, at 1940 Southwest Eighth Street, will be completed by the end of 2016. Amenities will include a fourth-floor, 14,000-square-foot pool deck, a 65-foot swimming pool, gym, business center, club room with a theater and billiard, valet and 24-hour security.
Avison Young’s New York City-based Debt, Joint Venture and Structured Capital team of Principal David Eyzenberg and Director Amanda Saltzman secured the loan on behalf of the developer, Astor Companies.
Florida Community Bank is the lender on the mortgage, which can be boosted to $93.4 million, records show. Torres, president of the Astor Companies, signed the loan. His company’s other projects include Merrick Manor in Coral Gables, Nordica in the Roads area of Miami, Gateway to the Grove and Brickell Vista.