Clara Homes has secured an $80 million construction loan to develop a 150-unit apartment community on Bay Harbor Island. The financing will support the delivery of a new multifamily complex at 10290 East Bay Harbor Drive, advancing a master-planned vision for the site.
The loan was provided by Madison Realty Capital, with Walker & Dunlop arranging the construction financing. The transaction reflects active engagement from debt capital providers for ground-up multifamily projects in desirable waterfront locations, even as lenders remain selective.
Walker & Dunlop’s Capital Markets Institutional Advisory team led the effort to structure and place the loan. The advisory team included Adam Schwartz, Jonathan Schwartz, Aaron Appel, Keith Kurland, Sean Reimer, Michael Diaz and Michael Ianno. Their assignment resulted in a floating-rate, interest-only construction facility tailored to the development’s needs and timeline.
The Bay Harbor Island project represents the third phase of a three-phased multifamily master-planned development, with the overall program totaling 150 units. The new community is planned with private terraces, many of which are expected to offer unobstructed views over Biscayne Bay, reinforcing the project’s waterfront positioning.
Planned amenities at the property include a rooftop pool with panoramic water views and a fitness center. These features are designed to support resident demand for lifestyle-driven rental housing and to differentiate the building within the local multifamily supply.
The development site is located near the Bal Harbour Shops, a prominent retail destination that is undergoing a $550 million redevelopment. Proximity to this large-scale retail investment and the broader amenity base of the area is expected to enhance the project’s long-term appeal to residents and help support the underwriting behind the construction loan.
With capital arranged and the financing structure in place, Clara Homes can move forward with executing the next phase of its multifamily plan on Bay Harbor Island, backed by institutional debt capital and advisory support from Walker & Dunlop.
