Berkadia Secures $114.3M Loan To Refinance RIVANI In Miami Beach
The refinancing follows RIVANI’s approximately $38 million transformation of the 165,170-square-foot property.
The refinancing follows RIVANI’s approximately $38 million transformation of the 165,170-square-foot property.
The transactions include 47,851 square feet of new leases and 69,913 square feet of renewals.
The team secured the financing through Wells Fargo.
JLL Senior Managing Director Doug Okun and Executive Managing Directors Zach Winkler and Steven Hurwitz represented the ownership group, Vanderbilt Office Properties, in the new lease transactions and renewals.
Easton & Associates Vice President Andrew Easton represented the landlords in all transactions.
An El-Ad affiliate paid $62.3 million for the property.
Most recently, he served as Senior Vice President within CBRE’s Occupier Services Group. Earlier in his career, he spent nearly a decade at JLL, where he helped lease more than three million square feet of Class A office space.
Berkadia Miami’s Brad Williamson, Scott Wadler and Michael Basinski, along with Mitch Sinberg, Matt Robbins, and Jacob Kelly, secured the financing on behalf of RIVANI. BridgeInvest provided the loan.
Upon completion of the MOB, NAI Miami | Fort Lauderdale will serve as the exclusive leasing representative.
The acquisition includes the iconic five-story, 35,455-square-foot landmark building located at 100 NE 1st Avenue, as well as an adjacent 15,000-square-foot vacant lot.
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