Bay Harbor Developer Inks Loan to Build 150 Apartment Units
Clara Homes obtained an $80 million construction loan to build a 150-unit apartment complex on Bay Harbor Island. The loan was provided by Madison Realty Capital. Walker & Dunlop arranged the construction financing of 10290 East Bay Harbor Drive.
The Walker & Dunlop Capital Markets Institutional Advisory team led by Adam Schwartz, Jonathan Schwartz, Aaron Appel, Keith Kurland, Sean Reimer, Michael Diaz and Michael Ianno arranged the floating-rate, interest-only loan.
The project is the third of a three-phased multifamily master-planned development, totaling 150 units. The property features private terraces – many offering unobstructed Biscayne Bay views. Amenities include a rooftop pool with panoramic water views, a fitness center.
The development is not far from the Bal Harbour Shops, which is currently undergoing a $550 million redevelopment.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout