RIVANI has refinanced its newly completed mixed-use office and retail property near Lincoln Road in Miami Beach with a $114.3 million loan. The asset, located at 1691 Michigan Avenue, totals 165,170 square feet and is currently 83% leased. Proceeds from the new financing will be used to retire existing debt on the property.
Berkadia arranged the refinancing for RIVANI, with a team consisting of Brad Williamson, Scott Wadler, Michael Basinski, Mitch Sinberg and Matthew Robbins. BridgeInvest originated and provided the loan, led by Alex Horn, Jon Gitman, Adrie Bailey and Beck Granelli on behalf of the lender.
RIVANI acquired the property in 2024 for $62.5 million and subsequently launched a $38 million renovation program. The repositioning effort was aimed at creating a modern office and retail destination in the Lincoln Road area of Miami Beach. The building now offers a range of amenities designed to enhance the tenant experience and differentiate the asset in a competitive office and retail market.
The renovation scope includes a full-service concierge and valet operation, along with a spa, fitness and wellness center and a meditation room. RIVANI also added a podcast studio to support media and content-focused users, as well as a Tokyo-inspired speakeasy to enhance the property’s experiential and hospitality elements. These upgrades are intended to support both office and retail tenancy within the building.
Looking ahead, RIVANI is pursuing an expansion of the property’s existing program. The firm is seeking voter approval for an estimated $50 million project that would add approximately 47,000 square feet of new development above the building’s parking garage. The potential expansion would increase the overall scale of the mixed-use asset, subject to voter authorization.
With the new refinancing in place, the property benefits from a reset of capital structure following its acquisition and substantial renovation. The combination of high leasing occupancy, newly delivered amenities and a proposed expansion positions the asset as one of the more recently upgraded office and retail destinations in the immediate Miami Beach area.
