Berkadia Secures $52M Bridge Loan for Pier 19 Residences in Miami
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.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.