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Berkadia recently announced it has secured a $54.5 million 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, managing director Christopher Apone, and associate director Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsor Neology Development, an award-winning, lifestyle-driven real estate firm led by Lissette Calderon.
Apollo provided the fixed-rate, five-year loan.
“Neology’s foresight in recognizing the Miami River District’s potential as one of the most desirable residential communities in Miami, along with the successful transformation and repositioning of this asset in under two years, led to significant interest from a variety of capital providers,” Foschini said. “This recapitalization recognizes the value created by Neology and gives them the financial resources to continue to pursue its long-term strategy of re-imagining and re-invigorating neighborhoods in Miami’s urban core.”
Located at 1951 NW S. River Dr., Pier 19 Residences & Marina was originally built in 2011 as condominiums. Neology purchased the 21-story property in 2018 and transformed the asset into a luxury, lifestyle-driven residential community. The property is currently 95 percent occupied with rents ranging from $2,300 to $4,500.
“We saw immense potential along the Miami River when we built our first project back in 2002, and Pier 19 Residences & Marina was our fourth successful development along the Miami River,” said Lissette Calderon, founder and CEO of Neology Development Group.
“This recapitalization not only acknowledges the value we have already put into Miami’s urban core but also equips us with the ability to continue pursuing our long-term vision for my hometown.
“We remain committed to our mission while delivering attainable luxury experiences to our residents and stakeholders. I want to extend my gratitude to Apollo and Berkadia and all the professionals who worked on this deal, including Bilzin Sumberg, for their unwavering diligence throughout this process,” she added.
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.
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