Miami-Area Luxury Property Lands Loan

Clara Homes’ Clara Bay Harbor 100th, a community located in Bay Harbor Islands, Fla., outside of Miami, has landed a $53.6M construction loan. Walker & Dunlop arranged the loan for the luxury apartment property.

The developer will use the loan proceeds to develop the second phase of the three-part, ultra-luxury multifamily project and begin pre-development in the third and final phase. Adam Schwartz, Aaron Appel, Jonathan Schwartz, Keith Kurland, Michael Ianno, Christopher de Raet and Marlon Robins led the Walker & Dunlop New York Capital Markets team that acted as the exclusive advisor for Clara Homes.

Three-phase project

Clara Bay Harbor 100th, situated at 1145-1163 100th St., represents the second phase of Clara Homes’ luxury rental development. Upon completion, it will include 45 units. Phase 3 will feature 77 units, while the first phase consists of 28 units and is currently under construction. It is slated for completion by the end of the year.

The property is within two miles of Miami’s iconic boardwalk and beaches and is minutes from Bal Harbour Shops, a premier luxury fashion destination in South Florida.

The first phase of the project is almost complete and is anticipated to be online in fall 2024. Clara Bay Harbor ill include 28 luxury units featuring a rooftop pool and sundeck, a fitness center and an outdoor yoga studio.

Clara Homes is also developing another multifamily site, a 154-residence luxury rental project at 2601 Northwest 6th Avenue in Wynwood, which is estimated to be completed in spring 2027.

South Florida has been displaying strong fundamentals. Advertised asking rents have increased, with average overall occupancy rates at stabilized properties decreasing but remaining above the national figure of 95.4 percent.

About 20 miles north of Miami, leasing began this month at Lumaire, downtown West Palm Beach’s newest luxury apartment. The 23-story building at 201 Clearwater Dr. features 457 residences.