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The developer of an apartment project in Dania Beach secured a $42.42million construction loan to kickstart
Orix RE Holdings provided the mortgage to Stirling Alya LLC, an affiliate of Fort Lauderdale-based Stellar Communities, led by Larry Baum. It covers the 8.3-acre site at 2851 Stirling Road.
Stellar Communities previously obtained approval to build 197 apartments in three stories there.
The developer acquired the property for $3.8 million in 2015 from the Archdiocese of Miami, which previously closed the St. Maurice Catholic Church there. The former church was demolished in 2018.
The property is two blocks west of Interstate 95.