Robert Rivani finalized $114.3M to refinance a Miami Beach property he is renovating into what he dubbed a "Class-X" office and retail property, according to a release. The financing matters because it signals lender appetite for a repositioned office asset in a market where office demand has been uneven nationally. Rivani purchased the 2003-built, 119K SF property at 1691 Michigan Ave. in 2024 for $62.5M, with plans to spend $100M on renovations. The upgrades were designed by New York-based architecture firm Rockwell Group and intended to create a new level of luxury for a Miami office building.
BridgeInvest provided the financing, which Rivani is using to cover leasing costs and other expenses as the property moves toward stabilization, according to a release. Berkadia's Brad Williamson, Scott Wadler, Michael Basinski, Mitch Sinberg and Matthew Robbins secured the financing on behalf of Rivani. Renovations are now complete, and the office has reached 83% leased. Tenants include Playboy, which signed a 20K SF lease for its headquarters in August 2025, Apple, Morgan Stanley, Wix, The Jills Zeder Group, World Red Eye, Monarch Athletic Club and Rivani's real estate firm. Recent tenants have agreed to pay $175 per SF for office space, The Real Deal reported this summer.
The evidence for this transaction comes from a single full-text source, Bisnow's South Florida Deal Sheet, which aggregates deal activity from releases and property records. The source does not disclose the interest rate, term, or loan-to-value ratio on the BridgeInvest financing. It also does not state whether the $114.3M refinance exceeds or falls below Rivani's acquisition and renovation basis. Rivani is separately seeking approval for a $50M expansion to the property's parking garage that would add 47K SF of new development, according to the source. That expansion is not described as part of the refinance collateral, and the source does not clarify the approval status or timeline.
The refinance fits a broader pattern of South Florida commercial real estate activity in the same Deal Sheet. Other transactions include Dalfen Industrial acquiring an 89K SF industrial property in Miami's Airport West and Doral submarket, Redfearn Capital purchasing a retail and office property in Delray Beach for $38.2M with a $27.6M loan from Knighthead Funding, and Nuveen selling a 215K SF shopping center in West Palm Beach for $66.8M. These deals suggest continued capital flows into South Florida industrial, retail, and office assets, though the source does not provide aggregate market data or year-over-year comparisons.
Several limitations apply to this analysis. The dossier contains only one source read in full, and many material claims are not corroborated by a second outlet. The source does not report the refinance's closing date, the property's current valuation, or the debt yield. It also does not explain how the "Class-X" branding is defined or whether the $175 per SF office rents are net or gross. What to watch is whether the parking garage expansion receives approval and whether the property reaches stabilization without additional capital calls, given that the source does not disclose the remaining lease-up costs or the timing of free rent burn-off.