BAY HARBOR ISLANDS, FLA. — Walker & Dunlop has brokered a $53.6 million loan for the construction of Clara Bay Harbor 100th, a 150-unit development in Bay Harbor Islands, 15 miles from Miami. Adam Schwartz, Aaron Appel, Jonathan Schwartz, Keith Kurland, Michael Ianno, Christopher de Raet and Marlon Robins of Walker & Dunlop secured the loan on behalf of the borrower.
Located at 1145-1163 100th St., Clara Bay Harbor 100th is the second phase of a three-phase rental development by Clara Homes. Phase II will comprise 45 units. The developer will also use the proceeds to begin pre-development on the third and final phase of the project, which will feature an additional 77 units. Construction is currently underway on the Phase I, which consists of 28 units, with completion scheduled for the end of this year.