Clara Homes landed a $101.5 million refinancing for the first two phases of a luxury multifamily development in Bay Harbour Islands.
Hudson Bay Capital provided the loan for the project at 10281 West Bay Harbor Drive and 1147-1155 100th Street, which is a part of the three-phase Clara Bay Harbour apartment community that will total 321,000 square feet and 150 units, CEO and Founder James Curnin said. Adam Schwartz of Walker & Dunlop brokered the debt.
The first phase, a 92,000-square-foot building with 28 apartments, is complete and 75 percent leased, according to the developer. The second phase will span 140,000 square feet with 45 apartments, with leasing expected to kick off in November.
The last phase is planned at 10200-10290 East Bay Harbor Drive and will total about 248,000 square feet with 77 units. The developer expects to complete that phase in early 2028.
In February, Clara scored an $80 million construction loan from New York-based Madison Realty Capital for the final phase, which is expected to cost $108 million.
All three buildings are six stories with a 24-hour doorman and valet, on-site management, rooftop pools, gyms and large units averaging at 1,850 square feet. They primarily consist of two-bedroom apartments to four-bedroom apartments, with units including dens. Rent prices range from $7,600 to $22,000 a month, Curnin said.
Clara paid $17.6 million in 2022 for the development sites. Curnin previously told The Real Deal that demand is largely driven by out-of-staters and Bay Harbor Islands residents who are looking for a refuge from renovation work at their aging condo buildings.
Bay Harbor Islands continues to attract luxury residential development even after the 2021 Surfside condo collapse prompted Florida and Miami-Dade County to adopt stricter structural integrity and recertification requirements for aging buildings, particularly those near the coast.
Developers have continued to chase construction for new condo projects, which isn’t subject to the same recertification concerns as older properties.
The Eichner family’s Continuum Company is developing the eight-story, 57-unit La Baia North, and completed the eight-story, 68-unit La Baia South.
Also in Bay Harbor Islands, Brooklyn-based Horizon Group is developing a seven-story, 23-unit condo project on the Indian Creek waterway.
On the commercial side, David Martin’s Terra built The Well Bay Harbour Islands — a 113,000-square-foot, five-story building with four levels of offices, as well as retail, lobby and a rooftop with meeting space and fitness classes. The project also comprises an eight-story condo building with 66 units and more than 22,000 square feet of amenities. Tom Brady’s investment firm TEB Capital Management leased 8,400 square feet at the mixed-use building.
Elsewhere in Miami-Dade, Clara acquired the former Austin Burke menswear property in Wynwood for $7.7 million in 2024 and is developing Clara Wynwood, a 168,000-square-foot, 150-unit mixed-use apartment project expected to be completed in spring 2027.
Outside of multifamily, Clara has several luxury waterfront spec and custom homes, including projects on Pine Tree Drive, Allison Island, La Gorce Island, Davis Road and San Marino Island that have either been recently completed or are under construction.
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