Maxim Capital Group Lends $54M on Bay Harbor Islands Apartments
By Andrew Coen August 14, 2024 2:30 pm
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Clara Homes has landed $53.6 million of construction financing to build a multifamily development in Bay Harbor Islands in Miami-Dade County, Commercial Observer can first report.
Maxim Capital Group provided the loan on the Miami-based developer’s planned Clara Bay Harbor 100th project, the second phase of a luxury rental community that will include 45 units.
Proceeds from the loan will also be used to begin pre-development on the third and final phase of the Clara Bay Harbor development that will feature 77 apartments.
“They’re built as condos, but purely rentals,” James Curnin, founder and CEO of Clara Homes, told CO noting that the average size unit is 1,850 square feet. “There is a 24 hour doorman, valet, rooftop gym and on site building management so they are like New York style city apartments, just much larger.”
Walker & Dunlop arranged the transaction with a New York capital markets team led by Adam Schwartz, Aaron Appel, Jonathan Schwartz, Keith Kurland, Michael Ianno, Christopher de Raet and Marlon Robins.
Adam Schwartz, senior managing director & co-head of New York Capital Markets at Walker & Dunlop, said in a statement that the “irreplaceable location” was a big attraction to taking part in the deal.
Clara Homes broke ground on the first phase of Clara Bay Harbor consisting of 28 units in early 2023 after receiving a $28 million construction loan from Maxim, the South Florida Business Journal reported at the time. Construction on the second phase commenced in May 2024 following a $40 million loan from Maxim, according to the South Florida Business Journal.
Located at 1145-1163 100th Street, amenities for Clara Bay Harbor’s second phase include a rooftop pool, fitness center and sky deck with lounge. The project was designed by Miami-based S & E Architects.
Maxim Capital Group declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
