ROVR Development Secures $66M Construction Loan For River Rapids Complex In Miami

The development site located at 2750 Northwest South River Drive in Miami spans 3.8 acres. Oscar Rodriguez & Ricardo Vadia, under the entity ROVR Development, serve as the landlords of this property. Kayne Anderson provided a construction loan amounting to $66,000,000 to facilitate the construction of a 300-unit rental complex named River Rapids. The project's first phase is expected to be completed by late 2025 and will feature eight stories with 444 parking spaces, alongside amenities like a pool deck, fitness center, club lounge, and conference rooms.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $66,000,000
• Address: 2750 Northwest South River Drive
• Market: Miami
• Asset Type: Development Site
• Loan Type: Construction Loan

Oscar Rodriguez and Ricardo Vadia, the key individuals in this deal, operating under ROVR Development, successfully secured the $66 million construction loan from Kayne Anderson. ROVR Development recently acquired the site for $5.4 million, showcasing their extensive plans to develop 1,600 apartments valued at over $750 million in Miami's River District and Downtown, marking a significant strategic move in the Miami real estate market.