Ackerman & Co. Secures $117M Financing for Miami Beach Retail Redevelopment
MIAMI BEACH, Fla. — November 20, 2025 — Ackerman & Co. has arranged $117 million in financing for Comras Company to acquire and redevelop five retail buildings along Lincoln Road in Miami Beach, according to a company announcement. The financing was provided by ACORE Capital and will support the creation of NoLi, a new retail, dining and lifestyle destination.
Retail Real Estate Acquisition and Redevelopment
The transaction covers the acquisition of five buildings located at 600-612, 719-737, 741 and 801 Lincoln Road, and 723 N. Lincoln Lane, totaling approximately 150,000 square feet. The properties were purchased from affiliates of Morgan Stanley and Terranova Corp. The redevelopment will transform the portfolio into NoLi, a curated retail and dining hub expected to open in the first quarter of 2027.
Financing Details
Jonathan Rice, executive vice president of capital markets for Ackerman & Co., arranged the financing on behalf of Comras Company. The $117 million loan from ACORE Capital will fund the acquisition. Specific loan terms were undisclosed. The project reflects Comras Company's continued activity in South Florida retail development.
“I’m thrilled to secure this financing for my longtime client, Comras Company, for this exciting redevelopment,” Rice said in the release. “NoLi promises to be another transformative development by Comras in Miami Beach.”
Development and Local Impact
Plans for NoLi include more than 40 inline retail spaces designed for boutique retail, dining, wellness and lifestyle tenants. The redevelopment coincides with nearly $30 million in city-funded streetscape improvements along Lincoln Road, which will add landscaping, outdoor seating, lighting and wider sidewalks.
Comras Company and Ackerman & Co. Background
Founded in 1992 by Michael Comras, Comras Company is a Miami-based real estate development and leasing firm active in several South Florida commercial districts, including Lincoln Road, Wynwood, Coconut Grove and the Miami Design District. The firm has completed projects such as the CocoWalk redevelopment and the retail component of Miami World Center.
Ackerman & Co., headquartered in Atlanta, is a privately held commercial real estate firm providing acquisition, leasing, management and capital markets services across multiple property sectors, including office, industrial and retail real estate.