Apollo Provides $55M Refi on Pier 19 Residences and Marina in Miami
Neology Development bought the property in 2018 and transformed it into a luxury multifamily
By Brian Pascus May 13, 2024 3:57 pm
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Neology Development Group has secured $54.5 million to refinance Pier 19 Residences and Marina, a luxury apartment building just off the Miami River in Downtown Miami, Commercial Observer has learned.
Apollo Asset Management provided the five-year, fixed-rate loan, while Berkadia’s Charles Foschini, Christopher Apone and Shannon Wilson arranged the deal on behalf of the sponsor.
Lissette Calderon, founder & CEO of Neology Development Group, said in a statement that her firm has been building along the Miami River for 22 years, and that Pier 19 Residences and Marina represents the firm’s fourth development in that specific part of the city.
“We saw immense potential along the Miami River when we built our first project back in 2002,” said Calderon. “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.”
Berkadia’s Foschini called Miami’s River District one of the city’s “most desirable residential communities,” and noted that the repositioning of Pier 19 Residences and Marina took less than two years and attracted “a variety of capital providers.”
“This recapitalization recognizes the value created by Neology and gives them the financial resources to continue to pursue its long-term strategy of reimagining and reinvigorating neighborhoods in Miami’s urban core,” said Foschini.
Located at 1951 NW South River Drive, Pier 19 Residences and Marina sits where the Miami River’s North Fork meets the main channel. The development opened in 2011 as condominiums but turned into luxury multifamily living following Neology’s 2018 purchase.
The 21-story glass-encased complex features one- to three-bedroom units, and includes a library, a dog park, a theater room, a business center, a fitness center, a pool, and a private marina with 10 slips for yachts or boats.
Brian Pascus can be reached at bpascus@commercialobserver.com
