Construction progresses at La Baia North, an eight-story luxury condominium on East Bay Harbor Drive featuring a private marina and rooftop amenities.
Bay Harbor Islands, Florida, August 27, 2025
Continuum has closed a $67 million construction loan to advance La Baia North, an eight-story, 57-unit luxury condominium at 9481 East Bay Harbor Drive. The New York-based alternative lender will fund ongoing vertical construction, interiors and amenity build-out for a project reported about 75 percent presold. Units range roughly 1,400–2,100 sq ft with prices starting near $1.4 million, and the building includes over 20,000 sq ft of amenities such as a rooftop deck, study pods and a private marina with boat slips. The loan follows earlier short-term financing and complements the developer’s broader Bay Harbor portfolio as delivery approaches in early next year.
A New York- and Miami-based developer has closed a $67 million construction loan to continue work on an eight-story, 57-unit luxury condominium at 9481 East Bay Harbor Drive. The loan was provided by a New York-based alternative lender that specializes in middle‑market construction and bridge financing. The project is under construction and is reported to be about 75 percent presold, with delivery expected at the beginning of 2027.
The financing was arranged by a commercial mortgage brokerage team led by two senior arrangers at Berkadia. Earlier funding for the same building includes a reported short-term capital package from a separate lender that totaled approximately $13.6 million across two disbursements, one provided last year and another in March of this year.
La Baia North rises eight stories and offers 57 residences ranging from two- to four-bedroom layouts. Unit sizes vary from roughly 1,400 to 2,100 square feet, and prices start at about $1.4 million. The building will provide more than 20,000 square feet of resident amenities, including a rooftop deck, dedicated study pods and a private marina with boat slips. Construction is active and the developer anticipates completion in early 2027.
The project follows an earlier phase downtown two streets to the south. The first phase, an eight‑story building with 68 units located at 9201 East Bay Harbor Drive, is sold out and expected to receive a temporary certificate of occupancy later this year. That earlier building was financed with a roughly $90 million construction loan secured early in 2024 from an affiliate of a large investment firm.
The developer behind La Baia is led by a chairman and chief executive and a Florida president. The company operates a portfolio of condominium projects valued at about $3 billion and totaling roughly 1,000 units, and it has planned developments in nearby North Bay Village and North Miami. This summer the developer received unanimous municipal approval for a special area plan, site plan and development agreement for a mixed-use waterfront district in North Bay Village. That approved plan envisions two condo towers, a 200-key hotel and a marina, with one tower allowed to reach up to 440 feet. The district site includes the former waterfront bar now operating under a new name.
Bay Harbor Islands has seen a cluster of recent construction loans for new boutique and mid‑rise condominium projects. One nearby 27-unit development secured about $30.5 million of construction financing from the same lending group that funded this newest loan; that project is slated for completion in late 2026 and includes several boat slips. Another eight‑story, 33‑unit project in the area closed a roughly $55.7 million construction loan late last year. These financings reflect continued lender activity in a market described as supply-constrained and high-demand.
With the North building largely presold and the South building sold out, the developer’s Bay Harbor portfolio is moving from sales to delivery and occupancy. The combination of waterfront amenities, private boat access and larger unit footprints positions the projects toward higher-end, low-density buyers. The concentrated pipeline could tight‑line available waterfront inventory in the immediate neighborhood in coming years.
The general contractor for the nearby 27-unit waterfront project is a regional construction firm; the eight-story projects are proceeding with their own construction teams. The newly announced loan will support ongoing vertical construction, finishes and amenity build-out at 9481 East Bay Harbor Drive. Buyers in contract and prospective purchasers can expect construction milestones through 2026 and initial handovers in early 2027.
A $67 million construction loan was provided by a New York-based alternative lender focused on middle‑market construction and bridge loans.
La Baia North will offer 57 units ranging from approximately 1,400 to 2,100 square feet, with two- to four-bedroom layouts.
The building is under construction and is expected to be completed at the beginning of 2027.
The project is reported to be about 75 percent presold. The neighboring first phase of the development is sold out.
Amenities exceed 20,000 square feet and include a rooftop deck, study pods and a private marina with boat slips among other resident features.
| Feature | Details |
|---|---|
| Loan amount | $67 million |
| Lender | New York-based alternative lender (middle‑market construction & bridge) |
| Address | 9481 East Bay Harbor Drive |
| Units / Stories | 57 units / 8 stories |
| Presold | 75 percent |
| Expected completion | Early 2027 |
| Unit sizes | About 1,400 to 2,100 sq ft |
| Starting price | From approximately $1.4 million |
| Amenities | 20,000+ sq ft; rooftop deck; study pods; private marina with slips |
| Earlier short-term financing | Reported total of $13.6 million across two disbursements |
| Related phase | La Baia South — 68 units, sold out, TCO expected later this year; financed with ~$90M earlier |
| Developer leadership | Company led by a chairman/CEO and a Florida president |
| Company portfolio | Roughly $3 billion and approximately 1,000 condo units across projects |
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