Berkadia Arranges $45.8M Acquisition Loan for Apartment Tower Along Miami River
MIAMI — Berkadia has arranged a $45.8 million bridge loan for the acquisition of River Oaks Marina & Tower, a 199-unit apartment community located along the Miami River at 1951 N.W. S. River Drive in Miami. Charles Foschini and Christopher Apone of Berkadia arranged the three-year, floating-rate loan through a correspondent life company on behalf of the buyer, a Miami-based real estate investment firm. The new ownership will use proceeds of the loan to modernize the 20-story community and update its amenity base. River Oaks Marina & Tower offers a mix of one-, two- and three-bedroom units ranging in size from 720 square feet to 1,942 square feet. Community amenities include a clubhouse, pool, business center and a barbecue/picnic area.