Lissette Calderon’s Neology Life Scores $52 Million For Miami Rental Tower

Neology Life Development Group, led by Lissette Calderon, scored a $52 million bridge loan to refinance Pier 19 Residences and Marina, a Miami rental tower.

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.

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