RIVANI obtained a $114.3 refinancing of a newly completed 165,170 square foot office and retail destination near Lincoln Road in Miami Beach. 

Berkadia’s Brad Williamson, Scott Wadler, Michael Basinski, Mitch Sinberg and Matthew Robbins secured the financing on behalf of RIVANI.  BridgeInvest provided the loan. The financing will retire existing debt. BridgeInvest’s Alex Horn, Jon Gitman, Adrie Bailey and Beck Granelli led the loan origination on behalf of BridgeInvest. The asset is currently 83% leased.

RIVANI acquired the property at 1691 Michigan Avenue for $62.5 million in 2024 and subsequently launched a $38 million renovation.  The renovation includes a full-service concierge and valet, spa, fitness and wellness center, meditation room, podcast studio and Tokyo-inspired speakeasy.

The firm is seeking voter approval for an estimated $50 million expansion above the property’s parking garage, adding approximately 47,000 square feet of new development. 

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