Berkadia has arranged a $114.3 million refinancing for RIVANI, Robert Rivani’s newly completed “Class X” office and retail destination near Lincoln Road in Miami Beach. The transaction comes as company RIVANI continues to expand its South Beach footprint. Last month, the firm acquired another landmark Miami Beach commercial property at 404 Washington Ave.
Managing directors Brad Williamson and Scott Wadler and director Michael Basinski, along with senior managing director Mitch Sinberg and managing director Matthew Robbins, secured the financing on behalf of RIVANI.
BridgeInvest provided the loan. The financing will retire existing debt and provide additional capital for leasing costs and other expenses as the property moves toward stabilization. The asset is currently 83 percent leased. BridgeInvest’s strategic underwriting of the loan reflected the property’s location near Lincoln Road and RIVANI’s execution on the renovation and lease-up. Managing partne
