Clara Homes Secures $26M Loan for Miami Community
Maxim Capital provided financing backing the first 28-unit building at the Clara Bay Harbor project.
Clara Homes has landed construction financing for its first multifamily project in South Florida. The firm secured a $26 million loan that will be used to help develop the first building of its Clara Bay Harbor project in Miami. Maxim Capital provided the financing.
The developer plans to break ground on the first building at Clara Bay Harbor in March, with an anticipated completion date anticipated sometime in the spring or summer of 2024. The firm tapped Douglas Elliman Development to handle leasing for Clara Bay Harbor and will announce the project’s general contractor and design collaborators soon.
The first building at Clara Bay Harbor will feature 28 luxury units, ranging from two- to five-bedroom floorplans. The community will also have a parking garage, rooftop amenity space, pool, exercise area and sundeck. Located in Miami’s Bay Harbor neighborhood, the property is a short walk from Bal Harbour Beach and the area’s waterfront retail and restaurant options.
150 Units Spread Across Three Phases
Overall, Clara Bay Harbor will total three six-story buildings that will be developed in three phases. The luxury development will offer 150 residences when fully built by the end of 2025. The company is looking to break ground on the other two residential buildings, located at 1147-1163 100th St and 10200 East Bay Harbor Drive, later this year.
“Once completed, Clara Bay Harbor will introduce spacious, New York-style luxury rental apartments to Miami for the very first time,” Founder & CEO James Curnin told Multi-Housing News. “Clara Bay Harbor will deliver the highest quality and best-in-class service to its residents.”
For Clara Homes, Clara Bay Harbor is the firm’s first multifamily development in South Florida. The Miami-based firm was founded in 2014. Prior to Clara Bay Harbor, Clara Homes completed several luxury projects in Beverly Hills, Los Angeles and Miami Beach. The firm’s portfolio includes three waterfront spec houses and three private-owned custom houses.