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.Â
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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