Lissette Calderon’s Neology Life Scores $52M for Miami Rental Tower
By Julia Echikson July 21, 2021 5:50 pm
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Neology Life Development Group, led by Lissette Calderon, scored a $52 million bridge loan to refinance Pier 19 Residences and Marina, a Miami rental tower.
Located at 1951 NW South River Drive, the 21-story building was constructed in 2011 and sits along the Miami River in Miami’s Little Havana neighborhood.
LoanCore Capital originated the two-year, floating-rate loan with three 12-month extension options at a loan-to-value ratio of 72 percent, according to brokerage Berkadia, whose Charles Foschini and Christopher Apone secured the financing on Neology’s behalf.
Neology Life purchased the 199-unit property, formerly known as River Oaks Marina and Tower, for $56 million in 2018, property records show. The developers secured a $45.6 million acquisition loan from the Voya Retirement Insurance and Annuity Company, and spent $2 million renovating the property.
Monthly rents for one- to three-bedroom apartments range between $2,050 and $3,200, according to Apartments.com.
About a decade ago, Neology began to develop high-end projects in, and around, the working-class neighborhood of Allapattah, just west of trendy Wynwood. The firm now owns more than 1,500 units within Miami’s urban core, the company says.
A representative for Neology Life could not be reached for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
