Clara Homes Lands $80M Madison Realty Capital Loan for 150-Unit Bay Harbor Island Apartment Project

Key Points

• Clara Homes secures $80M construction loan from Madison Realty Capital
•  150-unit multifamily project rising at 10290 East Bay Harbor Drive
• Walker & Dunlop arranges floating rate, interest-only financing

An $80M Loan Anchors 10290 East Bay Harbor Drive

Clara Homes has closed on an $80 million construction loan from Madison Realty Capital to build a 150-unit apartment development on Bay Harbor Island. Walker & Dunlop’s Capital Markets Institutional Advisory team arranged the floating rate, interest-only loan, reinforcing continued lender appetite for well-located South Florida multifamily.

What the Capital Stack Means for Bay Harbor Development

The financing supports the third phase of a three-part multifamily master plan totaling 150 units. Floating rate, interest-only construction debt provides flexibility during lease-up while preserving cash flow during the build cycle. In today’s rate environment, securing institutional capital for new construction in a coastal submarket signals confidence in absorption and rent growth. For developers, access to private debt funds like Madison Realty Capital remains critical as traditional bank construction lending tightens.

What 150 Units Mean for Bay Harbor’s Rental Inventory

The project will deliver 150 apartment units featuring private terraces, with many offering unobstructed views of Biscayne Bay. Planned amenities include a rooftop pool with panoramic water views and a fitness center, positioning the property within the luxury rental tier of the submarket. Bay Harbor Islands continues to attract residents seeking proximity to Bal Harbour, Surfside, and Miami Beach without the density of larger urban cores.

What Proximity to Bal Harbour Shops Means for Long-Term Value

The development sits near Bal Harbour Shops, which is currently undergoing a $550 million redevelopment. That retail investment strengthens the area’s long-term fundamentals, enhancing walkability, luxury positioning, and neighborhood desirability. For landlords, adjacent retail upgrades often translate into rent premiums and stronger tenant retention.

What This Means for South Florida Multifamily Investors

Coastal, supply-constrained micro markets like Bay Harbor Island continue to draw capital despite broader macro volatility. An $80 million construction loan for a single 150-unit project highlights the enduring appeal of waterfront adjacent multifamily in Miami-Dade County. For investors and brokers, the signal is clear. Institutional lenders remain active where location, product quality, and long-term demand drivers align.