Walker & Dunlop has locked in an $80 million construction loan for a six-story luxury apartment building at 10290 East Bay Harbor Drive on Bay Harbor Islands, giving a big boost to the final phase of a high-end rental play on the waterfront.
The financing, provided by New York-based Madison Realty Capital on behalf of developer Clara Homes, covers the third phase of a three-building rental community. When this last piece is done, it will add 77 family-sized units to the island’s waterfront inventory, with a rooftop swimming pool, fitness center and outdoor yoga space in the mix. The loan is structured as a floating-rate, interest-only facility.
According to REBusinessOnline, Walker & Dunlop’s New York capital markets team, including Adam Schwartz, Jonathan Schwartz, Aaron Appel, Keith Kurland, Sean Reimer, Michael Diaz and Michael Ianno, arranged the financing through Madison Realty Capital on behalf of Clara Homes. The outlet notes that the development sits near Bal Harbour Shops and that the lender structured the debt as a construction loan, part of a broader push in the submarket to deliver amenity-loaded rentals as an alternative to for-sale condos.
Project Details And Timeline
Per The Real Deal, the six-story building will contain 77 units and is the third of three Clara Homes buildings that will total roughly 150 apartments on Bay Harbor Islands. The development is expected to cost about $108 million, roughly $1.4 million per unit, with the loan covering roughly $1.04 million per unit. Construction is slated to begin next month, with the developer targeting delivery in the first quarter of 2028.
Local Demand And Lender Appetite
“This is primarily a young family area,” Clara Homes CEO James Curnin told The Real Deal, pointing to demand from out-of-staters as well as island residents who need temporary housing while their condos undergo renovations. Coverage of the deal notes that South Florida saw a record 18,600 apartment deliveries in 2024 that pressured rents, yet capital is still finding its way into high-barrier, waterfront submarkets like Bay Harbor Islands.
What To Watch
The site is projected to total roughly 250,000 square feet, according to the South Florida Business Journal as reported by REBusinessOnline. Trade coverage says the Clara Homes financing fits a wider pattern of lenders backing smaller, design-forward projects in affluent pockets, and Traded highlights the same theme. Neighbors and local officials will be watching permitting, traffic and the construction schedule as the project moves toward its expected groundbreaking.
