River Oaks Marina & Tower under new ownership
Berkadia has arranged a $45.75 million bridge loan for the River Oaks Marina & Tower, a 199-unit 20-story apartment tower in Miami. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s South Florida office arranged the loan on behalf of the buyer, a Miami-based real estate investment firm.
A correspondent life insurance company of Berkadia’s provided a three-year, floating rate bridge loan at a 75 percent loan-to-cost ratio. The loan features two one-year extension options and interest only during the initial three-year term.
“River Oaks has the bones of an exceptional asset that is about to undergo a dramatic transformation,” said Foschini. “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. 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.”
Built in 2012, River Oaks Marina and Tower is located at 1951 NW South River Drive, convenient to Jackson Memorial, the Miami River and the Marlins Park Stadium in downtown Miami. The community offers one-, two- and three-bedroom units ranging in size from 720 square feet to 1,942 square feet. The pet-friendly rental tower also features a clubhouse, pool, business center, and BBQ/picnic area among other tenant amenities.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
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