S3 Capital has originated a $30.5 million construction loan for the development of Origin Bay Harbor, a 27-unit luxury condominium with nine boat slips in Bay Harbor, FL. This is the second construction loan S3 Capital has originated in Bay Harbor in 2025.
Experienced residential developer VDA Development is the sponsor for the project, which is located at 9740-9760 W Bay Harbor Drive on the Bay Harbor Islands in the epicenter of Miami’s premier luxury residential market. Foundation work has already commenced, and the project is scheduled for completion in late 2026. 20 out of the 27 units are already pre-sold and units under contract range from $1.5 million to $4 million.
Origin Bay Harbor features over 100 feet of water frontage along the island’s northwestern waterfront, with a private, nine-slip marina capable of housing boats up to 60 feet. The property will have abundant amenities, including an outdoor lounge area; state-of-the-art fitness center; spa facilities with steam and sauna; rooftop infinity pool; jacuzzi, lounge chairs, and daybeds; rooftop bar and summer kitchen, and direct elevator access for each residence.
“We’re excited to partner with VDA Development on this extraordinary project,” said S3 Capital co-founder Robert Schwartz. “VDA is a best-in-class developer with deep experience completing luxury residential projects and has assembled a leading development team in Miami by partnering with Thornton Construction.”
Thornton Construction is a local full service general contractor and construction management firm based in Miami-Dade County and has over 25 years of experience across public and private sector projects in the area.
“Bay Harbor Islands is a supply-constrained, high-demand market that offers significant long-term value,” said Steven Jemal, Managing Director of Origination at S3 Capital. “This is a superior product in a powerful location, and it is no surprise that the project has seen such strong initial success with pre-sales.”
The boutique residential property embodies the ultimate Miami lifestyle, offering dramatic views, expansive floorplans and proximity to the best of the Miami region. Designed by renowned interior designer Carla Guilhem, in collaboration with ARTEFACTO, the units will provide unmatched resident experience.
This loan reinforces S3 Capital’s commitment to financing transformative residential developments in high-growth markets across the United States. With more than $6.8 billion in originations across 745+ loans since inception, S3 continues to deliver as the leading construction lender for multifamily on the East Coast.
Earlier this year, S3 Capital completed a $55.7 million construction loan for the development of La Maré Regency Collection, a modern luxury condominium in Bay Harbor Islands. The exclusive project will feature 33 family oriented residential condominiums and 13 private boat slips.
