BridgeInvest Provides $29.5M Acquisition Loan for RIVANI's Purchase of 404 Washington in Miami Beach, Arranged by Berkadia
MIAMI BEACH, Fla. — Aug. 4, 2026 — Berkadia arranged a $29.5 million acquisition loan from BridgeInvest on behalf of South Florida developer RIVANI for its purchase of 404 Washington, an eight-story mixed-use office and retail property located at the corner of Washington Avenue and Fifth Street in Miami Beach's South of Fifth neighborhood. The transaction closed August 4.
The Berkadia Miami team that secured the financing included Brad Williamson, Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins, and Jacob Kelly.
Property Overview: An Architectural Landmark at South Beach's Gateway
404 Washington comprises nearly 61,000 square feet of office and retail space and occupies a prominent signalized corner at Washington Avenue and Fifth Street — effectively the entrance to South Beach and the South of Fifth neighborhood. The building is distinguished by a cylindrical glass-block light tower and Art Deco-inspired detailing, making it one of the most recognizable commercial landmarks in South Beach.
Built in 1995 and renovated in 2026, the property's tenant roster includes Universal Music Group, Marriott International, 26North — the investment firm founded by Josh Harris — and HaSalon, the restaurant operated by Major Food Group.
The acquisition price was reported in the range of approximately $31.5 million to $32 million across trade publications covering the transaction.
Sponsor Strategy: Hospitality-Driven Office Repositioning
RIVANI, led by Robert Rivani, has built a track record in Miami Beach centered on repositioning commercial properties as hospitality-forward, amenity-rich environments. The acquisition of 404 Washington extends that strategy into one of Miami Beach's most supply-constrained commercial submarkets.
"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."
Basinski added that the asset's location and scarcity were central to lender interest. "404 Washington is a truly irreplaceable asset," he said. "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."
RIVANI said additional plans for the property will be announced at a later date.
South Florida Office Market Defies National Headwinds
Berkadia framed the transaction within a broader narrative of South Florida office market strength that stands in contrast to weakness in the sector nationally. The firm reported more than $550 million in office transactions either closed or committed across South Florida year-to-date, with an additional $200 million in the pipeline.
Berkadia attributed continued demand for premier South Florida office space to sustained in-migration of high-net-worth individuals, family offices, and financial and technology firms, as well as corporate headquarters relocations to the region.
South of Fifth offers limited commercial supply relative to demand, with most of the neighborhood's inventory being residential or small-scale, leaving few large, modern office and mixed-use assets available for acquisition. That supply constraint, combined with the building's gateway visibility and curated tenant mix, underpinned lender confidence in the deal despite a cautious national office lending environment.
About the Transaction Parties
BridgeInvest provided the $29.5 million acquisition loan. Berkadia, which arranged the financing, is a commercial real estate services and investment firm. RIVANI is a South Florida developer focused on commercial, hospitality, and mixed-use projects in Miami Beach.
The acquisition marks another milestone in RIVANI's ongoing investment in the South of Fifth neighborhood, building on the firm's prior commercial and mixed-use projects in the area.