BridgeInvest, Berkadia Close $114.3M Refinancing for Robert Rivani's Miami Beach Office Property
Berkadia has arranged a $114.3 million refinancing for RIVANI, Robert Rivani's repositioned mixed-use office and retail property at 1691 Michigan Avenue in Miami Beach, the firm announced Sept. 18, 2026. BridgeInvest provided the loan through its evergreen vehicle, BridgeInvest Credit Fund V LP.
The financing retires existing debt tied to an approximately $38 million renovation program and provides additional capital for leasing costs and other expenses as the property moves toward stabilization. The 165,170-square-foot, seven-story building — situated one block north of Lincoln Road in the South Beach submarket — is currently 83% leased.
Deal Team and Capital Structure
Brad Williamson and Scott Wadler, managing directors at Berkadia, along with Director Michael Basinski, Senior Managing Director Mitch Sinberg, and Managing Director Matthew Robbins arranged the financing on behalf of RIVANI.
On the lender side, BridgeInvest Managing Partner Alex Horn, Head of Originations Jon Gitman, Associate Vice President Adrie Bailey, and Analyst Beck Granelli led loan origination.
"Capital remains highly selective for office, which makes this financing especially meaningful," Williamson said. "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."
Property Background and Repositioning
RIVANI acquired the property — historically known as The Lincoln — off market for $62.5 million in 2024, along with a ground lease on the city-owned land beneath it. The firm subsequently launched an extensive renovation aimed at bringing hotel-caliber service and amenities to the workplace. Completed improvements include a new limestone façade, architectural lighting, hotel-caliber interiors, a full-service concierge and valet, spa, fitness and wellness center, meditation room, podcast studio, and a Tokyo-inspired speakeasy.
The building comprises approximately 119,000 square feet of office space and more than 43,000 square feet of retail space. With the acquisition and renovation costs combined, the total project investment to date stands at roughly $100 million.
The tenant roster includes Playboy Enterprises, which is set to 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 itself. BridgeInvest's underwriting reflected the property's location near Lincoln Road and RIVANI's execution on the renovation and lease-up.
Expansion Plans and Broader Miami Beach Footprint
RIVANI is already planning the property's next phase. 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.
The refinancing also comes as RIVANI continues to expand its South Beach presence. Last month, the firm acquired another landmark Miami Beach commercial property at 404 Washington Avenue.
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.
Sources
Berkadia – RIVANI, Miami Beach, FL | Refinanced by Berkadia 2026