Berkadia has arranged a $45.8 million bridge loan for River Oaks Marina & Tower, a 199-unit apartment community in Miami. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of the company’s South Florida office secured the three-year, floating-rate loan on behalf of the buyer, a Miami-based real estate investment firm. Read Management manages the property.
Located at 1951 NW South River Drive, in Miami’s Allapattah neighborhood, the 20-story building sits on approximately 2.1 acres. The property offers convenient access to Miami International Airport, situated roughly 5.6 miles away.
Built in 2012, River Oaks Marina & Tower features one-, two- and three-bedroom units averaging 959 square feet. According to data provided by Yardi Matrix, the pet-friendly tower was 90.5 percent occupied and had an average rental rate of $2,082 as of August. Common-area amenities include:
- barbecue/picnic area
- business center
- fitness center
- swimming pool
“The loan provides the new owner the ability to add modern touches to the building and improve the amenity base to attract quality renters to a value-oriented property with condo-quality views and finishes,” Foschini said in a prepared statement. “Located directly on the Miami River, River Oaks will present an enviable place to live for those working in the health district as well as the downtown and Brickell areas.”
Image courtesy of Yardi Matrix
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