Robert Rivani scored a $114.3 million refinancing for his office building in South Beach.
Rivani’s eponymous firm obtained the debt for the property, at 1691 Michigan Avenue in Miami Beach, from Miami-based BridgeInvest, according to a news release from Berkadia, which helped secure the financing.
Brad Williamson and Scott Wadler were part of the Berkadia team that worked on the deal on behalf of Rivani. Alex Horn and Jon Gitman were part of the BridgeInvest team that represented the lender.
BridgeInvest Credit Fund V provided the loan, which paid off existing debt and will provide capital for leasing and other expenses. The building, also named Rivani, is 83 percent leased, the release says.
Rivani purchased the building and the ground lease in 2024 for $62.5 million. The 165,200-square-foot building is on city-owned land.
Rivani completed a $38 million renovation, dubbing the building Class X. Tenants that have leased space include Playboy, which will move its headquarters to Rivani next year from Los Angeles, as well as Apple, Monarch Athletic Club, Morgan Stanley, The Jills Zeder Group, Wix and World Red Eye. The Rivani firm also has its headquarters in the building.
“Shark Tank” investor and co-host Daymond John also leased space at Rivani.
The h.wood Group will open a Japanese-inspired cocktail venue Bar Shishi i on Saturday, according to a separate news release.
The refinancing comes as Rivani is beefing up his South Beach holdings. Last month, it paid $32 million for the eight-story office and retail building at 404 Washington Avenue in the South of Fifth neighborhood.
Rivani wants to expand his Rivani building on Michigan Avenue, proposing a $50 million project that would replace a portion of the garage with 47,000 square feet of office. The project will include padel courts and a restaurant.
City commissioners have approved a lease extension for the city-owned land and the project, though voters will have a final say in a November referendum.
Debt has continued to flow in South Florida, though sporadically.
David Martin’s Terra scored a $245 million refinancing last month for the completed first phase of Upland Park in Sweetwater. Also, West Palm Beach-based Whalou Properties obtained a $113.6 million in March refinancing for the 288,000-square-foot Mayfair in the Grove mixed-use retail complex in Miami.
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