Berkadia Secures $114.3M Loan to Refinance Rivani in Miami Beach
Loan follows $38M transformation of South Beach property into “Class X” office destination; proposed $50M expansion heads to Miami Beach voters
Miami Beach, Florida – September 18, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that it arranged a $114.3 million refinancing for RIVANI, Robert Rivani’s newly completed “Class X” office and retail destination near Lincoln Road in Miami Beach. The transaction comes as company RIVANI continues to expand its South Beach footprint. Last month, the firm acquired another landmark Miami Beach commercial property at 404 Washington Avenue.
Managing Directors Brad Williamson and Scott Wadler and Director Michael Basinski, along with Senior Managing Director Mitch Sinberg and Managing Director Matthew Robbins, secured the financing on behalf of RIVANI.
BridgeInvest provided the loan out of its evergreen vehicle, BridgeInvest Credit Fund V LP. The financing will retire existing debt and provide additional capital for leasing costs and other expenses as the property moves toward stabilization. The asset is currently 83% leased. BridgeInvest’s strategic underwriting of the loan reflected the property’s location near Lincoln Road, and RIVANI’s execution on the renovation and lease-up. Managing Partner Alex Horn, Head of Originations Jon Gitman, Associate Vice President Adrie Bailey and Analyst Beck Granelli led the loan origination on behalf of BridgeInvest.
The refinancing follows RIVANI’s approximately $38 million transformation of the 165,170-square-foot property at 1691 Michigan Avenue, where renovations are now complete and the property is close to stabilization. The tenant roster includes Playboy Enterprises, which will relocate its global headquarters to the property in 2027, along with Apple, Morgan Stanley, Wix, The Jills Zeder Group, World Red Eye, Monarch Athletic Club and RIVANI.
“Capital remains highly selective for office, which makes this financing especially meaningful,” said Williamson. “Robert took a well-located but conventional office asset and created something that simply didn’t exist in this market. The leasing velocity and caliber of tenants demonstrate the demand for a differentiated workplace experience, and lenders responded to the strength of that execution.”
RIVANI acquired the property off market for $62.5 million in 2024 and subsequently launched an extensive renovation aimed at bringing the service and amenity experience of a luxury hotel to the workplace. The transformation includes a new limestone façade, architectural lighting and hotel-caliber interiors, along with a full-service concierge and valet, spa, fitness and wellness center, meditation room, podcast studio and Tokyo-inspired speakeasy.
RIVANI is already planning the property’s next chapter. The firm is seeking voter approval for an estimated $50 million expansion above the property’s parking garage that would add approximately 47,000 square feet of new development.
Founded by Robert Rivani, RIVANI has executed more than $1 billion in real estate transactions and developed a portfolio of luxury commercial and hospitality properties across South Florida and the United States.