S3 Capital has originated a $30.5 million construction loan for Origin Bay Harbor, a boutique 27-unit luxury condominium located at 9740–9760 West Bay Harbor Drive in Bay Harbor Islands. The project, developed by VDA Development, will include nine private boat slips along more than 100 feet of water frontage on the island’s northwestern shoreline.
The loan marks S3 Capital’s second construction financing deal in Bay Harbor Islands in 2025, following a $55.7 million loan for La Maré Regency Collection earlier this year.
“We’re excited to partner with VDA Development on this extraordinary project,” said Robert Schwartz, co-founder of S3 Capital. “VDA is a best-in-class developer with deep experience completing luxury residential projects and has assembled a leading development team in Miami by partnering with Thornton Construction.”
Foundation work is already underway, with delivery expected in late 2026. Twenty of the 27 residences are under contract, with pricing ranging from $1.5 million to $4 million.
“Bay Harbor Islands is a supply-constrained, high-demand market that offers significant long-term value,” said Steven Jemal, Managing Director of Origination at S3 Capital. “This is a superior product in a powerful location, and it is no surprise that the project has seen such strong initial success with pre-sales.”
Each residence will feature direct elevator access, expansive floorplans, and interiors by Carla Guilhem in collaboration with ARTEFACTO. Amenities include a rooftop infinity pool with lounge areas, jacuzzi, daybeds, and summer kitchen; spa with steam and sauna rooms; outdoor waterfront lounge; state-of-the-art fitness center; and a private nine-slip marina accommodating boats up to 60 feet.
Thornton Construction, a full-service general contractor based in Miami-Dade County, is serving as general contractor. The firm brings over 25 years of experience across both public and private sector projects in South Florida.
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