Berkadia Secures $52M Bridge Loan for Pier 19 Residences in Miami
May 24, 2023
Berkadia 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.
Located at 1951 NW S River Drive, Pier 19 Residences & Marina was originally built in 2011 as condominiums. The borrower, Neology Life Development Group, purchased the 21-story property in 2018 and invested more than $2 million to transform the asset into a luxury, lifestyle-driven residential community. Pier 19 offers large one-, two- and three-bedroom units ranging from 720 to over 1,200 square feet. Amenities include a marina with 10 slips, a resort-style pool and hot tub, dog park, a modern fitness center and sauna room as well as access to the Miami Riverwalk pedestrian walkway.
Charles Foschini and Christopher Apone of Berkadia’s Miami office secured the financing on behalf of Neology, a lifestyle-driven residential and commercial real estate firm.
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