Walker & Dunlop has arranged an $80 million construction loan for 10290 East Bay Harbor Drive, a 150-unit multifamily development located at 10290 East Bay Harbor Drive in Bay Harbor Islands. The financing supports the third phase of a three-part master-planned rental community by Clara Homes.
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. Capital for the $80 million financing was provided by Madison Realty Capital on behalf of Clara Homes.
The development will deliver 150 rental units as part of the broader three-phase multifamily master plan. The property is designed with expansive floor plans and private terraces, with many residences offering unobstructed views of Biscayne Bay. Interiors are described as featuring condo-quality finishes.
Amenities will include a rooftop pool overlooking the water, a fitness center, and a dedicated outdoor yoga studio.
The site is positioned along the Bay Harbor Bridge, approximately 7 miles north of Miami Beach and 5 miles south of Aventura, providing connectivity to surrounding coastal neighborhoods. The property is also located near Bal Harbour Shops, which is currently undergoing a $550 million redevelopment.
Adam Schwartz, Senior Managing Director and Co-Head, Capital Markets Institutional Advisory at Walker & Dunlop, said:
“Bay Harbor Islands remain undersupplied to true luxury rental housing outside of condominium product. Driven by an influx of higher-income residents and limited waterfront land availability, demand for high-quality multifamily rentals is expected to continue rising, redefining luxury living in this submarket. We’re grateful to Clara Homes and Madison Realty Capital for their partnership in financing this incredible asset.”
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