Clara Homes Secures $101.5M Refinance for Bay Harbor Islands Apartments

• Hudson Bay Capital refinanced the first two phases of Clara Bay Harbour for $101.5 million.
• The loan covers 10281 West Bay Harbor Drive and 1147-1155 100th Street.
• Phase one is complete and 75% leased; phase two starts leasing in November.
• The full three-building project totals 321,000 square feet and 150 units, per Curnin.

Hudson Bay Capital Refinances Clara's First Two Buildings

Clara Homes has closed on a $101.5 million refinancing for the first two phases of Clara Bay Harbour, its luxury rental project in Bay Harbor Islands. Hudson Bay Capital provided the loan, covering 10281 West Bay Harbor Drive and 1147-1155 100th Street. Adam Schwartz of Walker & Dunlop arranged the debt.

Founder and CEO James Curnin says the three-phase project will total 321,000 square feet and 150 units once finished. The first phase, a 92,000-square-foot building with 28 apartments, is complete and already 75% leased. The second phase, 140,000 square feet and 45 apartments, starts leasing in November.

A Third Building Still to Come

The final phase is planned for 10200-10290 East Bay Harbor Drive: 77 more units across roughly 248,000 square feet, with completion expected in early 2028. Clara lined up construction financing for that piece in February, an $80 million loan from Madison Realty Capital against a total projected cost of about $108 million.

All three buildings rise six stories with a 24-hour doorman and valet, on-site management, rooftop pools, and fitness centers. Units average about 1,850 square feet, mostly two- to four-bedroom layouts with dens, and rents run from $7,600 to $22,000 a month, Curnin says.

Why Bay Harbor Islands

Curnin has pointed to two groups driving demand: out-of-state residents relocating to South Florida, and existing Bay Harbor Islands homeowners looking for somewhere to land while their older condo buildings go through structural recertification.

"Demand is mainly fueled by out-of-staters and Bay Harbor Islands residents who are looking for a refuge from renovation work at their aging condo buildings."

That recertification wave traces back to stricter structural and inspection rules Florida and Miami-Dade adopted after the 2021 Surfside collapse, rules that fall hardest on older buildings near the coast. Clara assembled the Clara Bay Harbour sites for $17.6 million in 2022.

What's Next

With the first two phases refinanced and leasing underway, the next marker is the third building. Clara expects to break ground on the 77-unit East Bay Harbor Drive phase soon, targeting completion in early 2028 and closing out the 150-unit project.