Berkadia announces it has secured a $52 million bridge loan to refinance Pier 19 Residences & Marina, a 199-unit luxury apartment community along the Miami River in downtown Miami. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured the financing on behalf of sponsor Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm that specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods. Suzanne Amaducci-Adams and Alexandra Lehson of Bilzin Sumberg were the legal team representing the venture in the refinancing and initial financing.
Berkadia also secured financing for Neology’s acquisition of the asset in 2018, and has since helped the firm source financing to develop several new residential projects in Miami, including the recently completed, 192-unit No. 17 Residences in Allapattah’s newly re-discovered Fruit Packing District.
LoanCore Capital originated the 2-year, floating-rate loan with three 12-month extension options at an LTV of 72 percent.
“Neology’s track record and successful transformation of this asset into one of the most in-demand waterfront destinations along the Miami River generated significant interest from a variety of capital providers,” said Foschini. “This recapitalization recognized the value created in the sponsor’s stewardship of the asset, and will provide Neology with additional cash needed to redeploy in pursuit of its long-term strategy of identifying other market opportunities in emerging neighborhoods in the urban core where there is tremendous demand for high-quality rental communities.”
Located at 1951 NW S River Drive, Pier 19 Residences & Marina was originally built in 2011 as condominiums. Neology purchased the 21-story property in 2018 and invested more than $2 million to transform the asset into a luxury, lifestyle-driven residential community. Set on the south bank of the Miami River, Pier 19 offers large one-, two- and three-bedroom units ranging from 720 to over 1,200 square feet. Individual units feature floor-to-ceiling windows offering panoramic views of the Miami River and urban skyline; high-end finishes such as granite countertops, marble and ceramic flooring, and stainless-steel kitchen appliances; walk-in closets and in-unit washer/dryer; and balconies with glass railings. Community amenities include an exclusive marina with 10 slips; an elevated pool deck with resort-style pool and hot tub; an exclusive dog park and pet-friendly environment; a modern fitness center and sauna room; a multifunctional riverfront clubroom and lounge; a private theater suite; a high-tech business center; and access to the beautiful Miami Riverwalk pedestrian walkway. The property is centrally located just minutes from the downtown, Miami International Airport, the Health District and Coral Gables.
Neology Life Development Group is a lifestyle-driven residential and commercial real estate firm that jumpstarted the renaissance of the Miami River more than a decade ago. Led by prominent developer Lissette Calderon, Neology Life owns over 1,500 units completed or under development within Miami’s urban core.