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MIAMI — Berkadia has arranged a $54.5 million loan for the refinancing of Pier 19 Residences & Marina, a 199-unit high-rise community located along the Miami River in downtown Miami. Neology Development was the borrower. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s Miami office secured the five-year, fixed-rate loan through Apollo.
Pier 19 Residences & Marina was built in 2011 as condominiums. Neology Development acquired the asset in 2018 and converted the property into apartments. Monthly rates range from $2,300 to $4,500. Pier 19 Residences & Marina features a 10-slip marina for residents. According to Berkadia, the community is currently 95 percent occupied.