Clara Homes Inks Construction Loan for Bal Harbour Project

Clara Homes has rounded up a $53.3 million construction loan for Clara Bay Harbor 100th, a luxury multifamily property development at 1145-1163 100th St, in Bay Harbor Islands outside of Miami, FL. Clara Homes will use the loan proceeds to develop the second phase of a three-part multifamily project and begin pre-development on the third and final phase.

Phase II will include 45 units upon completion. It will feature a rooftop pool and sundeck, a fitness center, and an outdoor yoga area studio.

Phase 3 will feature 77 units, while the first phase consists of 28 units and is currently under construction. It is slated for completion by the end of the year.

The property is located within two miles of Miami’s iconic boardwalk and beaches and is minutes from Bal Harbour Shops. Bal Harbour is the northernmost barrier island in a chain that extends southward up to and including Key West, Florida.