Neology Life Lands $52M Refi for Miami Luxury Community
- Jul 23, 2021
Neology Life has received a $52 million refinancing deal for Pier 19 Residences and Marina, a 199-unit multifamily tower in the Miami River District. Berkadia arranged the two-year bridge loan provided by LoanCore Capital. The financing package included floating rates and a one-year extension at a 72 percent loan-to-value ratio.
Neology Life had previously worked with Berkadia in 2018, when the company purchased the property from a private investor for $56 million, according to data from Yardi Matrix. The current financing retires the previous $45.7 million acquisition loan held by Voya Financial.
Pier 19 Residences and Marina is located at 1951 NW South River Drive near the North Fork Miami River and within walking distance of Swell Park and Fern Isle Park. The property is close to the Dolphin Expressway connecting to Miami International Airport some 5 miles away.
Floorplans for the 21-story tower include one- to three-bedroom units ranging from 750 to 1,246 square feet. All apartments feature washers and dryers, above-average ceiling height and balconies. Residents have access to a gym, business center, clubhouse, swimming pool, spa and dog park, as well as some 250 parking spaces in a multi-level structure.
New life for Miami waterfront
In keeping with its strategy of acquiring and repositioning undervalued assets, Neology Life has invested more than $2 million into luxury upgrades to the 2011-built Pier 19 Residences. The renovations significantly boosted both renters’ and investors’ interest in the property, Berkadia Senior Managing Director Charles Foschini said in prepared remarks.
Under Lissette Calderon’s leadership, Neology Life adopted a strategy of redefining Miami’s industry-focused waterfront to a residential and commercial area. Earlier this year, the company opened No. 17 Residences, a 192-unit community in the Allapattah neighborhood.
Soaring rental rates
Miami had the highest rent growth rate across U.S. gateway markets on a trailing-three month basis as of April, according to a Yardi Matrix report. The metro recorded a 0.8 percent increase, followed by Chicago (0.5 percent) and Boston (0.4 percent).
High demand for upscale units resulted in accelerated rent growth. This trend is also reflected by the metro’s development activity, with more than 85 percent of the 36,734 units under construction in Miami as of April catering to Lifestyle renters.