Positioned at 1951 NW South River Drive, the 21-story building did construct in 2011 and lies along the Miami River in Miami’s Little Havana community.
LoanCore Capital began the two-year, floating-rate loan with three 12-month extension options at a loan-to-value ratio of 72%, according to brokerage Berkadia, whose Charles Foschini and Christopher Apone secured the financing on Neology’s behalf.
Neology Life purchased the 199-unit property, formerly known as River Oaks Marina and Tower, for $56 million in 2018.
The developers secured a $45.6 million acquisition loan from the Voya Retirement Insurance and Annuity Company and spent $2 million renovating the property.
Monthly rents for one- to three-bedroom apartments vary between $2,050 and $3,200, according to Apartments.com.
Nearly a decade ago, Neology started to develop high-end projects in, and around, the working-class neighborhood of Allapattah, just west of trendy Wynwood. The firm now owns more than 1,500 units within Miami’s urban core, the company says.