Berkadia Arranges $29.5M Loan for Rivani’s Acquisition of Iconic Miami Beach Commercial Tower
404 Washington is an architectural landmark at the gateway to Miami Beach’s coveted South of Fifth neighborhood
Miami Beach, Florida – August 4, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that it arranged a $29.5 million acquisition loan on behalf of South Florida developer RIVANI for its purchase of 404 Washington, an iconic mixed-use office and retail property positioned at the gateway to Miami Beach’s coveted South of Fifth neighborhood.
Berkadia Miami’s Brad Williamson, Scott Wadler and Michael Basinski, along with Mitch Sinberg, Matt Robbins, and Jacob Kelly, secured the financing on behalf of RIVANI. BridgeInvest provided the loan. The transaction closed on August 4.
South Florida continues to distinguish itself as one of the nation’s strongest office markets, where sustained in-migration of high-net-worth individuals, family offices, financial and technology firms, and corporate headquarters continues to drive demand for premier office space despite headwinds facing the sector nationally. Berkadia has more than $550 million in office transactions either closed or committed across South Florida this year, and more than $200 million in the pipeline.
Rising eight stories and comprising nearly 61,000 square feet of office and retail space, 404 Washington occupies the prominent corner of Washington Avenue and Fifth Street and is one of South Beach’s most recognizable commercial landmarks, distinguished by its iconic cylindrical glass-block light tower and Art Deco-inspired detailing.
“Financing for office acquisitions remains highly selective, but capital continues to be available for exceptional assets backed by experienced sponsors with a clear vision,” said Williamson. “Robert Rivani has built a reputation for reimagining office properties as hospitality-driven, ultra-luxury destinations that blur the lines between where live, work and play. Combined with the prominence of 404 Washington and its irreplaceable South of Fifth location, that vision made for a compelling financing opportunity and attracted a lender that understood the property’s long-term potential.”
“404 Washington is a truly irreplaceable asset,” said Basinski. “It’s one of the first buildings people see as they enter South Beach and has long been recognized as one of Miami Beach’s signature commercial properties. Opportunities to acquire an asset of this caliber in the South of Fifth neighborhood are extraordinarily rare, which made this an attractive opportunity for both the sponsor and the lending community.”
Built in 1995 and renovated in 2026, the property’s tenant roster includes Universal Music Group, Marriott Vacations Worldwide, 26North, the investment firm founded by Josh Harris, and Major Food Group’s acclaimed HaSalon restaurant.
The acquisition marks another milestone in RIVANI’s continued investment in Miami Beach, building on the firm’s track record of shaping the evolution of South of Fifth through landmark commercial, hospitality and mixed-use projects. Additional plans for the property will be announced by RIVANI at a later date.